If a prior participant in the Supplementary Retirement and Income Plan I elects to commence participation in this plan, such participant’s account in the Supplementary Retirement and Income Plan I shall be transferred to this plan as of the participation date as defined in Section 4.38.201 herein.

On or about January 1, 2005, or as soon thereafter as administratively feasible, the trustee shall transfer, in a plan-to-plan transfer of assets and liabilities, an amount equal to the sum of the account balances of the police employees who become participants in the Supplementary Retirement and Income Plan III ("SRIP III") on January 1, 2005, and who have account balances in this plan as of December 31, 2004. The account balances shall be valued as of December 31, 2004 (plus applicable earnings and losses incurred to the date of transfer). Each police employee with an account balance in this plan as of December 31, 2004 whose account is transferred to SRIP III shall be credited with the same account balance as of January 1, 2005 in SRIP III. The accounts shall remain invested as the police employees designated under this plan until the police employee affirmatively changes their investment election in accordance with procedures established by the committee for SRIP III. No change in investment elections will be permitted during any necessary "black out" period that is administratively necessary to transfer the account balances.

If an employee becomes a participant in this plan and previously was a participant in SRIP III as a police employee, the balance credited to their account in SRIP III (as of the date of transfer) shall be transferred from SRIP III to this plan as soon as administratively feasible. After such transfer, all benefits related to such transfer shall be due and payable from this plan and not from SRIP III. (Ord. 6838-NS § 4 (part), 2005: Ord. 6748-NS § 1, 2003)