(a) Successor. This plan is a successor to the Defined Contribution Plan for Appointed and Elected Officials.
(b) Credited service. Except as otherwise provided in this section, credited service under this plan includes service on or after February 2, 1994 and before February 1, 1997 credited to a former participant under the Defined Contribution Plan for Appointed and Elected Officials.
(c) Distribution of account balance. If a participant received a distribution of the participant's account balance under the Defined Contribution Plan for Appointed and Elected Officials instead of the transfer of that account balance to this plan, credited service under this plan does not include service on or after February 2, 1994 and before February 1, 1997 credited to the participant under the Defined Contribution Plan for Appointed and Elected Officials.
(d) Lump sum payment. If the account balance of a former participant in the Defined Contribution Plan for Appointed and Elected Officials has been transferred to this plan, the participant may elect to receive a lump sum payment equal to that participant's vested account balance under the Defined Contribution Plan for Appointed and Elected Officials determined as of February 1, 1997, plus interest for the number of full months from February 1, 1997 to the date of payment, at 4.25% annually compounded on each January 1. This payment shall be in lieu of any benefit otherwise provided under this plan or under the Retirement Plan for Appointed and Elected Officials.
(e) Tier one employees. Subject to § 5-1-203, each participant in the Defined Contribution Plan for Appointed and Elected Officials is treated as a tier one employee with respect to credited service on or after February 2, 1994, except that no such participant may make an election to transfer to tier two.
(1985 Code, Art. 7, § 3-106) (Bill No. 90-01)