The individual account maintained on behalf
of each participant shall be credited or debited (as the case may
be) with the allocable share of such participant in the plan resulting
from employer contributions (or including forfeitures as a part thereof),
employee contributions and appreciation or depreciation in the value
of the pension fund, as set forth herein.
As of any annual valuation date, the earnings
and accretions of the pension fund attributable to investment of fund
assets, reduced by losses experienced (whether or not realized) and
expenses incurred since the preceding annual valuation date, shall
be credited or debited to the accounts of the participants and beneficiaries
who had unpaid balances in their accounts as of such annual valuation
date in proportion to the balances in such accounts as of the prior
valuation date, after reducing such prior valuation date balances
by the amounts withdrawn by or distributed to the participant or beneficiary
since such valuation date, if any. To the extent that a participant
self-directs the investment of the balance of the participant's account,
the crediting of investment results shall be the actual investment
performance of those investments.
As of each annual valuation date, after such crediting of the valuation results to each account, contributions shall be allocated to each account pursuant to §
60-83. Any Forfeitures that arise in a given plan year shall be used to reduce the amount of employer contributions for such year pursuant to the provisions of §
60-81 hereof.
If the Plan Administrator is investing in an unallocated group annuity or investment contract, such assets shall be valued and accounts adjusted in the same manner as provided in § §
60-89 and
60-90.
The total value of a participant's account shall be determined as of each valuation date and, as soon as practical after the end of such plan year, the Plan Administrator shall convey to each participant the total value of the account as determined pursuant to this Article
XVIII; provided, however, that neither the maintenance of accounts nor the allocations of contributions to accounts shall operate to vest in any participant any right or interest in or to any assets of the pension fund except as the plan specifically provides.