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<br />police or fire department) at the rate of eight percent compounded <br />annually; and <br /> <br />2. All amounts contributed by the employee after April 30, 2001 under <br />Section 2.62.050(i), subject to the limitations of the Internal Revenue <br />Code, Section 415, and the regulations thereunder. <br /> <br />C. An employee who has an investment account established under Section <br />2.62.051 (A) and has completed ten years of service (hereinafter referred <br />to in this Section 2.62.051 (C) as the "vesting date") may elect to have an <br />amount credited to his or her investment account equal to: <br /> <br />1. The present value of the employee's deferred retirement benefit <br />under Section 2.62.150(F) accrued as of the employee's vesting date <br />based on deferral computed to the earlier of attainment of age 55 by <br />the employee or the date at which the employee would satisfy the <br />requirement of Section 2.62.080(A), if the employee is assumed to <br />continue in employment until that date, determined using an interest <br />rate of seven percent and the 1983 Group Annuity Mortality Table; <br /> <br />2. Less the sum of: <br />a. All amounts contributed by the employee under <br />Section 2.62.050 prior to May 1, 2001 and on or <br />before his or her vesting date, and <br />b. All amounts that would have been contributed by <br />the employee under Section 2.62.050 after April 30, <br />2001 and on or before his or her vesting date if <br />such contributions were determined on the basis of <br />the base salary, and <br />c. Interest on each such amount from the date it was, <br />or would have been, contributed through the <br />employee's vesting date at the rate of seven <br />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 />Sections 2.62.051 (C)(1) and 2.62.051 (C)(2) from his or her vesting <br />date through May 1,2001 (or, in the case of an employee who is not <br />in service during the period beginning September 1, 2000 and <br />ending May 1, 2001, the date the employee is reinstated in the police <br />or fire department) at the rate of eight percent compounded annually. <br /> <br />4. Provided that an election under this Section 2.62.051 (C) must be <br />made, upon forms provided by the board of trustees, within sixty (60) <br />days 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 fire <br />department) in the case of an employee whose vesting date was <br />