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 Montgomery County
 Code
 Part II. Local Laws, Ordinances, Resolutions, Etc.
 Chapter 33. Personnel and Human Resources. [Note]
 Article VIII. Employees' Retirement Savings Plan. [Note]
 Division 1. Retirement Savings Plan.

  § 33-121. Investment of contributions to the retirement savings plan.  

Latest version.
  • (a) Investment options.
    (1) A participant must direct that contributions allocated to the participant's retirement accounts be invested in one or more of the investment options selected by the Board. The investment options selected by the Board must conform to all applicable requirements of the Internal Revenue Code.
    (2) A participant must allocate contributions among the investment options only in percentages of the value of the account balances of the participant, as determined by the Board.
    (3) A participant's direction of investment must remain in effect until the participant changes the direction. If a participant does not provide a valid direction of investment, the account balances of the participant, to the extent they are not governed by a valid direction of investment, must be invested in an appropriate investment option selected by the Board.
    (b) Change of allocation.
    (1) A participant or former participant may change the allocation of the participant's account balances among the investment options in accordance with procedures set by the Board. The changes must take effect on the date or dates set by the Board.
    (2) A participant or former participant may designate that the change of the allocation among investment options is effective as to one or both of:
    (A) the participant's or former participant's account balances on the effective date of the change; and
    (B) the participant's contributions and County contributions made after the effective date of the change.
    (c) Gains and losses. The Board must maintain separate and distinct accounts for each participant. The Board must determine the value of an individual account solely with respect to the activity within each participant's account and unrealized gains to a participant's account. (1994 L.M.C., ch. 13, § 2; , § 1.)