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E. The assets of the police and firefighters' retirement fund credited to investment accounts shall be valued on December 31st 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. Notwithstanding the foregoing, any employee who was in service prior to May 1, 2001 may elect not to have the amount set forth in subsection C transferred to an individual investment account, in accordance with rules and procedures established, and upon forms provided, by the board of trustees. Any such election shall be made within sixty (60) days after May 1, 2001 (or, in the case of an employee who is not in service during the period beginning September 1, 2000 and ending May 1, 2001, the date the employee is reinstated in the police or fire department). If such an employee does not so elect, the amount transferred to such employee's investment account shall be credited with interest from his or her vesting date through May 1, 2001 (or, in the case of an employee who is not in service during the period beginning September 1, 2000 and ending May 1, 2001, the date the employee is reinstated in the police or fire department) at the rate of eight percent compounded annually. 2.62.640 Disbursement of Funds All disbursements of funds from the retirement fund established pursuant to this chapter shall be by voucher, stating its purpose and the name of the payee. Such voucher shall be delivered to the director of finance and constitute the director of finance's authority to draw a check therefor upon the retirement fund for the amount therein specified. All paid vouchers shall be subject to review and approval by the board. Retirement benefits shall be approved by the board upon retirement of each employee and annually thereafter. 2.62.650 Use of Funds No portion of the fund created pursuant to this chapter shall be used for any purpose other than that set forth in this chapter, and any person consenting to a diversion of any part of the fund to any other purpose shall, upon conviction thereof, be subject to a fine of not more than five hundred dollars ($500.00) in addition to any other penalties prescribed by law. 2.62.700 Benefits Not Assignable, Subject to Execution, etc. The benefits payable from the fund provided for by this chapter shall not be assignable, subject to counterclaim, recoupment or set off, nor shall they be subject to assignment,