A separate account on behalf of each member will be established and maintained under the Retirement Savings Plan.
The establishment and maintenance of an account is for bookkeeping purposes only and does not require or permit assets held in any account to be segregated for investment purposes.
A member’s account consists of the following sub-accounts:if applicable, a member’s Mandatory Employee Contribution Sub-Account;
an Employer Contribution Sub-Account; and
if applicable, a Rollover Contribution Sub-Account.
To each of these sub-accounts:contributions are credited under § 5-2 {“Mandatory contributions by non-hybrid members”}, § 5-3 {“Employer contributions”}, or <cite data-path="|22A|§5-4">§ 5-4 {“Rollover contributions”} of this article</cite>, respectively;
gains and losses are allocated under <cite data-path="|22A|§6-2|(d)">§ 6-2(d) {“Investments: Fund gains and losses”} of this subtitle</cite>; and
fees and expenses are charged under<cite data-path="|22A|§6-2|(e)">§ 6-2(e) {“Investments: Fund fees and expenses”} of this subtitle</cite>.
Ord. 14-216
The Board of Trustees must select:1 or more separate investment funds in which a member may elect to have the member’s account invested; and
a default investment fund for the automatic investment of the account of a member who fails to make an affirmative investment election under subsection (b) of this section.
From time to time, the Board may change any or all of the investment funds or the default investment fund. Any change must be communicated to members before its effective date.
Each member will be provided a list that identifies the available investment funds (including the default investment fund) when commencing participation in the Retirement Savings Plan.
In accordance with procedures established by the Board, each member may affirmatively elect to have the member’s account invested in 1 or more of the listed investment funds.
An affirmative investment election remains in effect until the member changes it by making a new election in accordance with the Board’s procedures. A new election revokes all prior elections.
As soon as administratively practicable after a member’s affirmative investment election is received, the member’s account must be invested in accordance with that election.
Unless and until a member makes an affirmative investment election under subsection (b) of this section, the member is deemed to have made an election to have the member’s account invested automatically in the default investment fund.
All gains and losses of an investment fund in which a member’s account is invested will be allocated to that account based on established procedures applied on a uniform and nondiscriminatory basis.
All fees charged and expenses incurred by an investment fund in which a member’s account is invested, including servicing fees paid by the investment fund to the Plan’s third-party administrator, will be charged to that account based on established procedures applied on a uniform and nondiscriminatory basis.
Neither the City nor the Board of Trustees is liable to a member, a beneficiary, or any other person for any loss resulting from:a member’s affirmative investment election;
a member’s failure to make an affirmative investment election;
a reasonable delay in implementing an affirmative investment election; or
a reasonable delay in implementing a default investment under subsection (c) of this section.
Voluntary deferrals made by a member to the City’s Deferred Compensation Plan will be invested in accordance with the member’s affirmative investment election under subsection (b) of this section or the member’s default investment under subsection (c) of this section.
Ord. 14-216
Ord. 15-329
In this section,”valuation date” means the date, no less frequently than the last day of each calendar quarter, for determining:the fair market value of each investment fund (including the default investment fund);
the portion of each member’s account invested in that fund; and
the total value of each member’s account.
The fair market value of each investment fund, the portion of each member’s account invested in that fund, and the total value of each member’s account will be determined as of each valuation date, based on established procedures applied on a uniform and nondiscriminatory basis.
The date as of which a member’s account is valued on a distributable event under Subtitle 9 {“Distributions”} of <cite data-path="|22A">this article</cite> will be determined on the basis of established procedures applied on a uniform and nondiscriminatory basis.
Ord. 14-216
On a periodic basis, but no less frequently than quarterly, a statement showing the value of a member’s account as of the most recent valuation date will be made available to each member.
Ord. 14-216