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(a) The retirement system fund shall be the fund to which shall be credited all interest, dividends and other income from investments of the retirement system; all transfers from the accumulated contributions account by reason of lack of claimant; and all other monies received by the retirement system, the disposition of which is not specifically provided by this subchapter. The board may accept gifts and bequests and such shall be credited to the retirement system. Whenever the board determines that the balance in the retirement system is more than sufficient to cover the charges to the fund the board may provide for contingency reserves.
(b) Provided, however, that no interest be credited a member after he or she leaves city employment except as is otherwise specifically provided in this subchapter, at the end of each fiscal year the board shall allow and credit regular interest on the balance standing to each member's credit in the accumulated contributions account at the beginning of each quarter of the fiscal year.
(1957 Rev. Ords., § 2.540; 1992 Code, § 35-52) (Ord. 2757, passed 6-8-1971; Ord. 118-16, passed 12-20-2016)