§ 24-10-704 — Benefits - Rate of return

(a) The member's monthly retirement benefit shall not change unless the retirement annuity as defined in § 24-10-602 is increased. (b) (1) A member who participates in this plan shall be credited interest at a rate of six percent (6%) per annum. (2) The interest shall be credited to the individual account balance of the member on an annual basis. (c) (1) When a member has reached year six (6) of participation in the Local Police and Fire Deferred Retirement Option Plan under § 24-10-706 , the amount of the benefit calculated at the time of enrollment in the plan shall be redetermined consistent with § 24-10-602 . (2) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%). (3) The redetermined amount shall be payable only when the member elects to cease employment and receive a service retirement and shall not be added to the plan account.

Legislative History

Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013. Amended by Act 2013, No. 1065,§ 12, eff. 7/1/2013. Acts 2003, No. 1734, § 1.