(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 the Local Police and Fire Deferred Retirement Option 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 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.
(1) A member who participates in the Local Police and Fire Deferred Retirement Option 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 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.
(1) When a member has reached year six (6) of participation in the 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.