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Co <br /> <br />An employee who has an investment account established under Section <br />2.62.051(A) and has completed ten years of service (hereinafter referred to in <br />this Section 2.62.051(C) as the "vesting date") may elect to have an amount <br />credited to his or her investment account equal to: <br /> <br />The present value of the employee's deferred retirement benefit under <br />Section 2.62.150(F) accrued as of his or her vesting date, determined using <br />an interest rate of seven percent and the 1983 Group Annuity Mortality <br />Table; <br /> <br />Less the sum off <br /> a. <br /> <br /> all amounts contributed by the employee under Section <br /> 2.62.050 prior to May 1, 2001 and on or before his or <br /> her vesting date, and <br /> b. All amounts that would have been contributed by the <br /> employee under Section 2.62.050 after April 30, 2001 <br /> and on or before his or her vesting date if such <br /> contributions were determined on the basis of the base <br /> salary, and <br /> c. Interest on each such amount from the date it was, or <br /> would have been, contributed through the employee's <br /> vesting date at the rate of seven percent compounded <br /> annually; <br />In the case of an employee whose vesting date was prior to May 1, 2001, <br />interest on the amount determined in accordance with Sections <br />2.62.051(C)(1) and 2.62.051(C)(2) from his or her vesting date through <br />May 1, 2001 (or, in the case of an employee who is not in service during <br />the period beginning September 1, 2000 and ending May 1, 2001, the date <br />the employee is reinstated in the police or fire department) at the rate of <br />eight percent compounded annually. <br /> <br />Provided that an election under this Section 2.62.051(C) must be made, <br />upon forms provided by the board of trustees, within sixty (60) days after <br />May 1, 2001 (or, in the case of an employee who is not in service during <br />the period beginning September 1, 2000 and ending May 1, 2001, the date <br />the employee is reinstated in the police or fire department) in the case of <br />an employee whose vesting date was prior to May 1, 2001, or within sixty <br />(60) days after any other employee's vesting date, as applicable. <br /> <br />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 or <br />more investment funds made available by the board of trustees. As of any <br />valuation date described in Section 2.62.051(E), an employee may elect to <br />transfer all or part of the balance credited to his or her investment account <br />among such investment funds. Elections under this subsection shall be made <br />in 'accordance with rules and procedures established, and upon forms (or such <br /> <br /> <br />