The County may establish and implement procedures pursuant to which each participant and each former participant with a vested plan account shall be permitted to direct the investment of all or a portion of a participant's plan account into one or more investment options described in § 6-6-206. If any participant or former participant fails to make an investment election, such participant's or former participant's plan account shall be invested in an investment option, or a combination of investment options, selected by the Administrator, which offer reasonable opportunities for capital appreciation, preservation of capital, and liquidity. Investment elections may be changed at least quarterly on any January 1, April 1, July 1 or October 1, subject to any rules established by the Administrator and any rules or restrictions of any insurance company or other entity serving as the manager or funding vehicle of any of the investment funds. Investment elections shall be subject to such uniform rules and procedures as the Administrator shall establish. Any fees charged based on any individual fund selection shall be charged against the participant's plan account.
(Bill No. 95-17)