§ 54-49. Accounting and allocation procedures.

(a)

Member accounts. The board, or such agents as it appoints and directs, shall establish a separate regular account in the name of each member and a distribution account for each former member as follows:

(1)

Member account shall include a member's allocable share of city contributions plus his own contributions, and fund earnings and gains (or loss), maintained as separate accounts.

(2)

Distribution accounts shall be established for retired, disabled or deceased members, and vested terminations, whenever payment of any part thereof is to be deferred for any period of time. Such accounts shall include total undistributed amounts due any such former member, plus such account's allocable share of fund earnings and gains (or loss); no further city contributions shall be credited to a distribution account.

(b)

Allocation procedure. The board, or such agents as it appoints and directs, shall credit that portion of each city contribution, attributable to each pay period, to which a member shall be entitled, plus such other increments and decrements as are prescribed below, which amounts shall be determined and credited as follows:

(1)

Employer contributions. As of the last day of each month, city contributions shall be allocated to the accounts of members for whom such contributions were made.

(2)

Member contributions. A member's voluntary contributions shall be allocated to his account monthly.

(3)

Forfeitures. As of the end of the city fiscal year, September 30, during which a member terminates employment, the nonvested portion of such member's account shall be forfeited. As of a participant's initial distribution date, the pension board shall determine the amount, if any, of a member's account that is forfeited and such amount shall be transferred to the forfeiture account. The amount in the forfeiture account shall first be used to pay the expenses of administration of the General Employees' Retirement System including the expenses of the corporate trustee and any amount remaining after the payment of such expenses shall offset future city contributions and shall not be reallocated to members except as amounts allocated in lieu of the city contributions otherwise due in the following fiscal year.

(4)

Net earnings and increase (or decrease) in value of the fund. As of each September 30, after the allocation of city and member contributions and the next previous year's forfeitures, there shall be allocated and credited to the member and distribution accounts, their respective shares of net earnings and increase (or decrease) in the value of the fund for the year just ended, to be made in the same proportion that each account or distribution account balance as of that date bears to the combined total of all such account balances.

Such portion of the earnings and gains or losses thus allocated which is attributable to a member's own contributions shall be accounted for and recorded separately from that attributable to city contributions.

(c)

Valuation of assets. Securities and other assets of the trust fund shall be valued on a market value basis as of each September 30.

(Code 1981, § 15-23; Ord. No. 1991-34, § 3, 11-19-91)