(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.
Section: Previous 24-10-702 24-10-703 24-10-704 24-10-705 24-10-706 24-10-707 24-10-708 24-10-709 NextLast modified: November 15, 2016