HomeMy Public PortalAbout12123O R D I N A N C E NO. 12123 AN ORDINANCE, amending Ordinance No. 11781, as adopted July 8,
2004, by repealing Section 7.3 of the Pension Plan of The Metropolitan St. Louis
Sewer District as therein enacted, and enacting in lieu thereof a new Section 7.3,
without, however, altering or extinguishing the legal relationship established by
said ordinance.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEER DISTRICT:
Section One. Effective December 31, 2005, Section 7.3 of the Pension
Plan of The Metropolitan St. Louis Sewer District a established by Ordinance No.
11781, adopted July 8, 2004, is hereby repealed.
Section Two. Effective January 1, 2006, a new Section 7.3 of the
Pension Plan of The Metropolitan St. Louis Sewer District is hereby enacted to read
as follows:
"7.3 Small Benefits.
Without regard to any other provision of this Plan, if the monthly benefit payable to a Member or to his Beneficiary is less than fifty dollars ($50.00), the actuarial equivalent of a Member's Accrued Retirement Benefit shall be paid to such Member in a single sum or in such other manner as the Pension Committee determines in its sole discretion. Notwithstanding the preceding sentence, in no event will any payment be made pursuant to this Section 7.3 without the Member's consent if the actuarial equivalent of a Member's Accrued Retirement Benefit exceeds one thousand dollars ($1,000.00)." The foregoing Ordinance was adopted November 10, 2005.