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l B. Each investment account shall be credited with all amounts contributed by the employee after April 30, 2001 under Section 2.62.300, subject to the limitations of the Internal Revenue Code, Section 415, and the regulations thereunder. C. An employee who has an investment account established under subsection A of this section and has completed ten years of service shall have an amount credited to his or her investment account equal to: 1. The present value of the employee's deferred retirement benefit under Section 2.62.405.0 accrued as of the employee's vesting date based on deferral computed to the earlier of attainment of age fifty- five (55) by the employee or the date at which the employee would satisfy the requirement of Section 2.62.410, if the employee is assumed to continue in employment until that date, determined using the interest rate and the mortality table set forth in the definition of Actuarial Equivalence; 2. Less the sum of: a. All amounts contributed by the employee under Section 2.62.300 prior to May 1, 2001 and on or before his or her vesting date, and b. All amounts that would have been contributed by the employee under Section 2.62.300 after April 30, 2001 and on or before his or her vesting date if such contributions were determined on the basis of the base salary, and c. Interest on each such amount from the date it was, or would have been, contributed through the employee's vesting date at the rate of seven percent compounded annually. D. Amounts credited to an employee's investment account under subsection B or C of this section shall be invested as elected by the employee in one or more investment funds made available by the board of trustees. As of any valuation date described in subsection E of this section, an employee may elect to transfer all or part of the balance credited to such employee's investment account among such investment funds. Elections under this subsection shall be made in accordance with rules and procedures established, and upon forms (or such other medium) provided, by the board of trustees or, if authorized by the board, the manager of the investment funds.