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D. Amounts credited to an employee’s investment account under Section <br />2.62.051(B) or (C) shall be invested as elected by the employee in one <br />or more investment funds made available by the board of trustees. As <br />of any valuation date described in Section 2.62.051(E), an employee <br />may elect to transfer all or part of the balance credited to his or her <br />investment account among such investment funds. Elections under this <br />subsection shall be made in accordance with rules and procedures <br />established, and upon forms (or such other medium) provided, by the <br />board of trustees or, if authorized by the board, the manager of the <br />investment funds. <br />E. The assets of the police and firemen’s retirement fund credited to <br />st <br />investment accounts shall be valued on December 31 each year and <br />on such other dates’ as shall be determined by the board of trustees or, <br />if authorized by the board, the manager of the investment funds. <br />Earnings or losses attributable to each investment fund since the <br />immediately preceding valuation date shall be allocated to each <br />employee’s investment account based on the balance thereof invested <br />in such investment fund in accordance with rules and procedures <br />established by the board of trustees or, if authorized by the board, the <br />manager of the investment funds. <br />F. An employee’s investment account shall be one hundred (100) percent <br />vested and nonforfeitable at all times. <br />Section 2. This ordinance shall take effect and be in force from and after its <br />passage as provided by law. <br /> PASSED day of , 2007. <br /> MAYOR <br />ATTEST: <br /> CITY CLERK <br />CERTIFIED TO BE CORRECT AS TO FORM: <br /> CITY ATTORNEY <br /> <br />