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The assets of the police and ~remen's retirement fund credited to Investment Accounts shall be valued on December 31 each year and on such other dates'as shall be determined by the board of trustees or, if authorized by the board, the manager of the investment funds. Earnings or losses attributable to each investment fund since the immediately preceding valuation date shall be allocated to each employee's Investment Account based on the balance thereof invested in such investment fund in accordance with rules and procedures established by the board of trustees or, if authorized by the board, the manager of the investment funds. F. An employee's Investment Account shall be 100% vested and nonforfeitable at all times. 5. Section 2.62.060 is amended to read as follows: 2.62.060 Applicability to persons previously retired, leaving the service or disabled. Notwithstanding the provisions of this chapter, all members of the police and fire departments heretofore retired (before October 29, 1956) shall continue to be paid the same benefits as awarded at the time of retirement. Further, all employees leaving the service before September I, 2000 shall continue to be entitled to the same benefits as determined under the provisions of this chapter in effect before September 1, 2000. Further, all employees who become permanently and totally disabled before May 1,2001 due to service-connected injuries, nonservice-connected injuries or illness, and the widows and children of such employees who die due to such causes, shall continue to be entitled to the same benefits, subject to the same terms, conditions, requirements, limitations, rules and procedures, as determined trader the provisions of this chapter in effect before May 1, 2001. 6. Section 2.62.080(B) is amended to read as follows: Any employee having ten (10) years or more of service in either the fire department or the police department, or a combination of service in both departments, who subsequently leaves the service, shall be eligible for the deferred retirement benefits hereinafter described. 7. Section 2.62.090 is amended to read as follows: 2.62.090 Disability benefit. An employee who becomes disabled due to injury or illness on or after May 1, 2001, regardless of length of service, shall be eligible for a disability benefit up to sixty-seven (67) percent of his or her compensation. Notwithstanding any other provisions of this chapter, such disability benefit shaI1 be provided under, and in accordance with the terms, conditions, requirements, limitations, rules and procedures (including, but not limited to, the criteria for determining disability, rules and procedures regarding medical examinations, the commencement and duration of payments, offsets for other benefits or payments and application procedures), of an insurance contract purchased by the board of trustees. Premiums for such insurance contract 1242538 05 - 4 -