The City shall cause to be established for each participant a book account to provide a method of measuring the City’s obligation to the participant under the Pension Savings Plan. All participant and City contributions as well as earnings thereon, any applicable fees and any losses shall be credited or debited, as appropriate, to such investment account. The assets of the account shall be invested in such investments as the law may allow.
The City shall not be liable to participants in the Pension Savings Plan for any losses on any investment credited to any account. The interest of each participant in contributions and any earnings thereon, credited to the investment account will be immediately 100% vested and nonforfeitable at all times.
SECTION HISTORY
Added by Ord. No. 169,047, Eff. 10-23-93.
Amended by: First Unnumbered Para., Ord. No. 172,105, Eff. 7-14-98.