(a) The board shall maintain the following separate accounts in the public employees' retirement fund:

1. (1) The annuity savings account.
2. (2) The retirement allowance account.

(b) The board shall maintain the following two (2) separate accounts in the Indiana state teachers' retirement fund:

1. (1) The pre-1996 account.
2. (2) The 1996 account.

(c) Within each account specified in subsection (b), the board shall maintain the following separate subaccounts:

1. (1) The annuity savings account.

2. (2) The retirement allowance account.

   As added by Acts 1977, P.L.53, SEC.2. Amended by P.L.35-1985, SEC.3; P.L.54-1993, SEC.5; P.L.23-2011, SEC.8.