HomeMy Public PortalAbout02621 O R D I N A N C E NO. 2621
AN ORDINANCE, amending Ordinance No. 1679, to provide
lump sum payment under certain conditions to employees who have
retired from the District and containing an emergency clause.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. Article VII of Ordinance 1679 is hereby
amended by redesignating Section 7.2 and by adding a new
sub-section as follows:
Section 7.2 Death After Retirement
(A) At the death of a Member, who has not made an
election in accordance with Article VI, on or after the earlier of
his Retirement Date or Normal Retirement Date but before having
received 60 monthly pension payments, the balance of such 60
monthly pension payments shall thereafter become payable to his
Beneficiary. If an option elected under Article VI has become
effective on his Retirement Date or Normal Retirement Date, no
death benefits will be payable under this Section 7.2(A) but
benefits will be payable in accordance with the option which is in
effect.
(B) At the death of a Member who has retired from the
service of the District after having completed at least ten years
of Continuous Service at his Normal Retirement Date, or Early
Retirement Date if applicable, a lump sum payment in the amount of
$1,000.00 shall be payable to his Beneficiary. If the Member had
completed less than ten years of Continuous Service upon
retirement, the $1,000.00 percent shall be reduced in the ratio
that his actual years of Continuous Service completed prior to
attainment of age sixty-five bears to 10. This lump sum benefit
shall be in addition to any other benefits which might be payable
under this Plan and shall only be payable to persons who retire
from the service of the District under the provisions of Article V
on or after August 1, 1974, and whose Normal Retirement Date
occurs on or after August 1, 1974, or to persons who are
terminated from the service of the District after attainment of
age fifty-five and are eligible for vested benefits under Article
X. This benefit shall not be payable to persons receiving
benefits in accordance with the provisions of Article VIII or
Article IX.
Section Two. The passage of this Ordinance being
deemed necessary for the immediate preservation of the public
health, safety and welfare creates an emergency within the meaning
of the Plan. Accordingly, this Ordinance shall take effect
immediately upon its enactment. The foregoing Ordinance was adopted July 31, 1974.