§ 17-202. Fixed account investment option.

Latest version.

When a participant in the City's retirement system has reached the age of fifty-seven (57), i.e. five (5) years before the retirement age of sixty-two (62), the participant shall have the option of making an irrevocable election to transfer all or a portion (in twenty-five-percent increments) of his/her account balance into a pooled account that earns a fixed rate of interest. The option shall be available at the end of the Plan Year in which the participant reaches age fifty-seven (57). The election shall be made at least thirty (30) days prior to the end of the Plan Year. After the election has been made, all future deposits shall continue to be deposited in the General Account.

(Ord. No. 0-9495-50)

                    
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