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INTRODUCED BY: Mr. Glickert DATE: May 22, 2006 BILL NO. 8875 ORDINANCE NO.: 6639 AN ORDINANCE AMENDING CHAPTER 2.64 OF THE UNIVERSITY CITY MUNICIP AL CODE, RELATING TO THE NONUNIFORMED EMPLOYEES RETIREMENT SYSTEM, BY REPEALING SECTION 2.64.030 THEREOF, RELATING TO CONTRIBUTIONS, AND ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS "CHAPTER 2.64.030 CONTRIBUTIONS," THEREBY AMENDING SAID SECTION SO AS TO INCREASE THE EMPLOYEE'S CONTRIBUTION FROM TWO PERCENT TO THREE PERCENT OF THE COMPENSATION RECEIVED. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. Chapter 2.64 of the University City Municipal Code, relating to the nonuniformed employees retirement system, is hereby amended by repealing Section 2.64.030 thereof, relating to contributions, and enacting in lieu thereof a new section to be known as "Section 2.64.030 Contributions;" so that said section, as so amended, shall read as follows: Section 2.64.030 Contributions. A. There shall be deducted from the salary or wages of each employee who is a member of the retirement system on each and every payroll during each calendar year the member's contributions to the retirement system. Such contribution shall be equal to three percent of the compensation received by such member on each payroll. Contributions shall earn interest at the rate of five percent per year. B. Each employee shall execute and deliver to the proper official of the City an authorization in proper form for the deduction herein described, and no person shall be continued in employment by the City unless the employee shall execute such authorization. C. The City shall, on account of its employees who are members of the retirement system, pay annually into the fund an amount to be known as the normal contribution and an additional amount to be known as the accrued liability contribution. 1. The normal contribution shall be determined annually by the actuary from the liabilities of the system. 2. The accrued liability represents the liability for normal and member contributions not paid in the years prior to the operative date. The accrued liability contributions shall be determined by the actuary annually as a part ofthe actuarial valuation. Such contributions shall represent the level payment which should be contributed over the following years in order to amortize completely the accrued liability not later than forty (40) years from the operative date.