§ 36-10-3 - Credits to individuals in annuity savings account.
SECTION 36-10-3
§ 36-10-3 Credits to individuals inannuity savings account. – All contributions made by members and interest thereon to July 1, 1947, shallbe credited to the individual members' accounts in the annuity savings account.Effective July 1, 1947, the amount of accumulated contributions in the accountsof the members of the system which have been credited to the annuity savingsfund shall be transferred to the annuity savings account and maintained in thataccount to the credit of the individual members. Effective July 1, 1965, theaccumulated contributions of any inactive member who has been separated fromservice for five (5) years or more whose total service is less than ten (10)years shall be transferred from the annuity savings account to the contingentreserve for state employees or teacher members as the case may be. These fundswill be held in escrow and should any member reenter service and again become amember, his or her previous contributions shall be revived and reinstated tohis or her account for all purposes of this system. A member will still beeligible for a refund of these contributions upon application by him or her orhis or her heirs at any time. Member contributions made pursuant to §36-10-1.1 or 16-16-22.1 pursuant to a plan for the employer pick up of employeecontributions shall be credited to a separate fund within an individualmember's account in the annuity savings account so that the amounts contributedprior to the effective date for the pick up of employee contributions may bedistinguished from the amounts contributed on or after the date of which thegovernmental employer begins to pick up the employee contributions required bylaw.