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c. Interest on each such amount from the date it was, or would <br /> have been, contributed through the employee's vesting date <br /> at the rate of seven percent compounded annually; <br /> 3. In the case of an employee whose vesting date was prior to May 1, <br /> 2001, interest on the amount determined in accordance with <br /> subsections C.1 and C.2 of this section from his or her vesting date <br /> through May 1, 2001 (or, in the case of an employee who is not in <br /> service during the period beginning September 1, 2000 and ending <br /> May 1, 2001, the date the employee is reinstated in the police or <br /> fire department) at the rate of eight percent compounded annually; <br /> 4. Provided that an election under this subsection must be made, upon <br /> forms provided by the board of trustees, within sixty (60) days <br /> after May 1, 2001 (or, in the case of an employee who is not in <br /> service during the period beginning September 1, 2000 and ending <br /> May 1, 2001, the date the employee is reinstated in the police or <br /> fire department) in the case of an employee whose vesting date <br /> was prior to May 1, 2001, or within sixty (60) days after any other <br /> employee's vesting date, as applicable. <br /> D. Amounts credited to an employee's investment account under subsection B <br /> or C of this section shall be invested as elected by the employee in one or <br /> more investment funds made available by the board of trustees. As of any <br /> valuation date described in subsection E of this section, an employee may <br /> elect to transfer all or part of the balance credited to his or her investment <br /> account among such investment funds. Elections under this subsection <br /> shall be made in accordance with rules and procedures established, and <br /> upon forms (or such other medium) provided, by the board of trustees or, <br /> if authorized by the board,the manager of the investment funds. <br /> E. The assets of the police and firefighters' retirement fund credited to <br /> investment accounts shall be valued on December 31st each year and on <br /> such other dates' as shall be determined by the board of trustees or, if <br /> authorized by the board, the manager of the investment funds. Earnings or <br /> losses attributable to each investment fund since the immediately <br /> preceding valuation date shall be allocated to each employee's investment <br /> account based on the balance thereof invested in such investment fund in <br /> accordance with rules and procedures established by the board of trustees <br /> or, if authorized by the board,the manager of the investment funds. <br /> 2.62.640 Disbursement of Funds <br /> All disbursements of funds from the retirement fund established pursuant to this chapter <br /> shall be by voucher, stating its purpose and the name of the payee. Such voucher shall be <br /> Restated Police Pension Plan—City of University City Page 38 <br />