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BILL NO. O0~O~ ORDINANCE NO. <br /> <br />AN ORDINANCE AMENDING CHAPTER 2.62 OF THE UNIVERSITY CITY <br />MUNICIPAL CODE, RELATING TO THE POLICE AND FIREFIGHTER'S <br />RETIREMENT SYSTEM, BY REPEALING SECTION 2.62.151 THEREOF, <br />RELATING TO OFFSET PROVISIONS, AND ENACTING IN LIEU <br />THEREOF A NEW SECTION TO BE KNOWN AS "SECTION 2.62.151 <br />OFFSET PROVISIONS," THEREBY AMENDING SAID SECTION SO AS TO <br />PROVIDE THAT THE OFFSET AMOUNT SHALL BE DETERMINED NO <br />LATER THAN THE DATE THE EMPLOYEE COMPLETES THIRTY (30) <br />YEARS OF SERVICE. <br /> <br /> BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, <br />MISSOURI AS FOLLOWS: <br /> <br /> Section 1. Section 2.62 of the University City Municipal Code, relating to the police <br />and firefighter's retirement system, is hereby amended by repealing Section 2.62.151 thereof, <br />relating to offset provisions, and enacting a new section to be known as "Section 2.62.151 Offset <br />provisions, so that said section, as so amended, shall read as follows: <br /> <br />2.62.151 <br /> <br />Offset provisions. <br /> <br />As of the date benefits become payable under Section 2.62.150 on account of retirement, <br />termination of employment or death to, or with respect to, an employee for whom an <br />Investment Account is established under Section 2.62.051 (A), such benefits shall be <br />reduced, but not below zero, by the actuarially equivalent annuitized value of the <br />employee's offset amount determined under Section 2.62.15 I(B). Such reduction shall <br />be in addition to any other reduction provided under this chapter. <br /> <br />For purposes of Section 2.62.15 I(A), the employee's offset amount shall be equal to the <br />sum off <br /> <br />The amounts credited to the employee's Investment Account under Section <br />2.62.051 (B)(1) and (C); provided, however, that the interest credited under <br />Section 2.62.051 (B)(1) and, if applicable, (C)~ shall be determined using an <br />interest rate of seven percent compounded annually; <br /> <br />All amounts that would have been contributed by the employee under Section <br />2.62.050 after April 30, 2001 if such contributions were determined on the basis <br />of the base salary; and <br /> <br />1242538.05 <br /> <br /> <br />