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INTRODUCED BY: Mr. Glickert DATE: November 5,2007 BILL NO: 8968 ORDINANCE NO.: 6720 AN ORDINANCE AMENDING CHAPTER 2.62 OF THE UNIVERSITY CITY MUNICIPAL CODE, RELATING TO THE POLICE AND FIREFIGHTER'S RETIREMENT SYSTEM, BY REPEALING SECTION 2.62.051 THEREOF, RELATING TO INVESTMENT ACCOUNTS, AND ENACTING IN LIEU THEREOF A NEW SECTION TO BE KNOWN AS "SECTION 2.62.051 INVESTMENT ACCOUNTS," THEREBY AMENDING SAID SECTION SO AS TO CLARIFY THE METHOD OF COMPUTING CREDITS TO AN EMPLOYEE'S INVESTMENT ACCOUNT. BE IT ORDAINED BY THE COUNCIL OF THE CITY OF UNIVERSITY CITY, MISSOURI, AS FOLLOWS: Section 1. Chapter 2.62 of the University City Municipal Code, relating to the police and firefighter's retirement system, is hereby amended by repealing Section 2.62.051 thereof, relating to investment accounts, and enacting in lieu thereof a new section to be known as "Section 2.62.051 Investment accounts;" so that said section, as so amended, shall read as follows: 2.62.051 Investment accounts. A. An individual investment account shall be established within the police and firemen's retirement fund by the board of trustees for each employee who is in service on or after September 1, 2000, except as otherwise elected by any such employee who is in service on or before May 1, 2001, in accordance with rules and procedures established, and upon forms provided, by the board of trustees. Investment accounts shall be separate accounts described in the Internal Revenue Code, Section 414(k). B. Each investment account shall be credited with: 1. Except as otherwise provided in Section 2.62.150(L), all amounts contributed by the employee prior to May 1, 2001, under Section 2.62.050, if any, plus interest on each such amount from the date it was contributed through May 1,2001 (or, in the case of an employee who is not in service during the period beginning September 1, 2000 and ending May 1, 2001, the date the employee is reinstated in the