HomeMy Public PortalAbout03111 O R D I N A N C E NO. 3111
AN ORDINANCE, amending Ordinance No. 1679, amended on
the subject of a retirement system for employees by repealing
Section 5.2 At Early Retirement and enacting in lieu thereof a new
section relating to the same subject to be known as Section 5.2 At
Early Retirement and containing an emergency clause.
BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE
METROPOLITAN ST. LOUIS SEWER DISTRICT:
Section One. Article V of Ordinance No. 1679 as amended
is hereby amended by repealing Section 5.2 thereof and enacting in
lieu thereof a new Section relating to the same subject and to be
known as Section 5.2 of said Ordinance, which shall read as
follows:
Section 5.2 At Early Retirement - The annual retirement
benefit payable to a Member who retires on an Early Retirement
Date shall be equal to his Accrued Retirement Benefit on his Early
Retirement Date, or the date of his termination of service, if
earlier, reduced by 5/12 of 1% for each month by which such
Member's Early Retirement Date precedes his Normal Retirement Date
before age 60, and reduced by 5/24 of 1% for each month by which
such Member's Early Retirement Date precedes his Normal Retirement
Date after age 60.
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 28, 1976.