§ 7-194. Investment direction.

(a)

A participant's accrued benefit shall be deemed to have been invested and reinvested from time to time in, and in the proportion of, such eligible investment options as the participant shall designate. Eligible investment options are those investment options which the city shall make available to the participant from time to time. Each participant may change his investment direction by giving prior notice in the form and manner prescribed by the administrator, provided that a participant may not make a change of investment direction more often than permitted pursuant to uniform rules prescribed by the administrator.

(b)

The trustees shall not be required to invest the participant's accrued benefit as designated by the participant, but, if the participant makes such a designation, the city is obligated to pay the vested accrued benefit determined as though such investments had been made. To the extent that the trustees do, in their discretion, invest the accrued benefit as designated by the participant, the investments shall remain the sole property of the trust and the investment shall not vest in any participant any right, title or claim to the property as so invested.

(c)

If no investment direction is made by a participant, the accrued benefit shall be invested at the discretion of the trustees, pursuant to the terms of the trust agreement, and the benefit shall be adjusted for gains and losses in accordance with the performance of the investments chosen by the trustees.

(Ord. No. 94-131, § 1, 6-7-94)