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I <br /> D. Direct Rollover: A direct rollover is a payment by the plan to the eligible <br /> retirement plan specified by the distributee <br /> 2.62.600 Board of Trustees <br /> The Board of Trustees of the Police and Firefighters' Retirement Fund shall be appointed <br /> as provided in Chapter 2.50 and shall have the exclusive authority to manage and control <br /> the police and firefighters' retirement fund for the exclusive benefit of members and their <br /> beneficiaries. <br /> 2.62.610 Custodian of Funds and Investments <br /> Except to the extent otherwise provided for under Section 2.50.060, the director of <br /> finance of the city shall be custodian of all money, securities and other property of the <br /> retirement fund, subject to the control and direction of the board of trustees. The director <br /> of finance shall keep separate books and complete accounts of the police and firefighters' <br /> retirement fund, and the director's books and records shall be subject to the inspection of <br /> the board of trustees or any of its members at all times. <br /> 2.62.620 Composition of Fund <br /> The police and firefighters' retirement fund shall consist of: <br /> A. The proceeds from any public funds as authorized by the city <br /> council not exceeding forty cents ($0.40) per one hundred dollars <br /> ($100.00) on the assessed value of all taxable property, as the same <br /> may appear on the tax books of the city; <br /> B. Any property given or donated to the fund from any source; <br /> C. The earnings on all investments and all interest earned; <br /> D. The contributions paid into such fund by the employees, as <br /> provided in this chapter. <br /> 2.62.630 Investment Accounts <br /> A. An individual investment account shall be established within the police <br /> and firefighters' retirement fund by the board of trustees for each <br /> employee who is in service on or after September 1, 2000, except as <br /> otherwise elected by any such employee who is in service on or before <br /> May 1, 2001, in accordance with rules and procedures established, and <br /> upon forms provided, by the board of trustees. investment accounts shall <br /> Restated Police Pension Plan—City of University City Page 36 <br />