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DIVISION 6. Assets <br /> <br />Section 31-255~ Retirement account. <br /> <br /> Ail of the funds and assets of the system shall be <br />held in a single retirement account, in which shall be <br />ac.cumulated all contributions by the members and by the <br />employer, and ~o which all income from the invested funds <br />and assets of the sy. stem shall be credited. From this <br />account shall be paid the refunds of accumulated contri- <br />butions, the death benefits and the retirement allowances <br />provided for in this Article. <br /> <br />Section 31-256. Deposits to meet disbursements~ <br /> <br /> For the purpose of /meeting disbursements for retirement <br />allowances and other payments, there may be kept available <br />cash, not exceeding ten (10) per centum of the total amount <br />in the accounts of the retirement system, on deposit in one <br />or more banks or trust companies that are designated by the <br />Council as depositories for funds of the City~ and neither <br />the board nor the city auditor shall be liable for any loss <br />sustained as to such funds that are on deposit in such banks <br />or trust companies. <br /> <br />Sections 31-257 31-261. Reserved. <br /> <br />DIVISION 7. Benefits and Conditions npon <br /> Receipt Thereof <br /> <br />Section 31-262. Service retirement. <br /> <br /> ~a) A~ny member in service who has attained the age of <br />fifty-five ~5) and who has attained the number of years of <br />creditable service required for entitlement to benefits under <br />the vesting provisions of this section may retire an any time <br />then or thereafter upon written notification to the board, <br />made by the member of his employer, ~setting forth at what <br />time the ~etirement is to become effective; provided that <br />such effective date shall be after his last day oi service, <br />but shall notJbe more than ninety ~90) days prior to or <br />subsequent to the filing of such notice. <br /> <br /> (b) The provisions of subsection (a) of this section to <br />the contrary notwithstanding, any member attaining age seventy <br />(70) shall be retired forthwith. In no event shall a men,bet's <br />creditable service .or creditable compensation include any <br />period of service or any compensation after attainment of <br />his normal retirement date. <br /> <br />17 <br /> <br /> <br />