The City (acting through the Administrators), shall cause to be established for each Participant a book account (the “Investment Account”). The City shall cause to have credited to each account amounts equal to the Compensation deferred by the Participant under the Plan less any applicable fees. The assets of the account shall be invested in such investments as the law may allow and as offered under the Plan. Each Participant’s Investment Account shall further be credited with earnings, gains or losses applicable to such investments. The City shall not be liable to Participants in the Plan, their Beneficiaries or any other persons for any losses on any investment credited to any Investment Account.
SECTION HISTORY
Added by Ord. No. 164,806. Eff. 2-13-81.
Amended by: Ord. No. 158,396, Eff. 11-14-83; In Entirety, Ord. No. 172,105, Eff. 7-14-98; In Entirety, Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02.