Starting July 1, 1981, there must be paid to the system, and credited to the post-retirement increase special fund, contributions by the employers in an amount equal to two-tenths of one percent of the earnable compensation of each member employed by each employer. In addition, the board, on the recommendation of the actuary, shall transfer a portion of the monies as are received pursuant to Section 9-1-1050 that are available due to actuarial gains in the system if the transfers do not adversely affect the funding status of the system. Starting July 1, 1986, all contributions previously credited to the post-retirement increase special fund must be diverted and credited to the employer annuity accumulation fund.

HISTORY: 1980 Act No. 407, Section 9; 1986 Act No. 309 Section 8, eff February 4, 1986; 2012 Act No. 278, Pt IV, Subpt 2, Section 44, eff July 1, 2012.

Editor's Note

1986 Act No. 309, Section 9, provides as follows:

"Any assets of the post-retirement increase special fund remaining as of June 30, 1986, are to be transferred to the employer annuity accumulation fund."

Effect of Amendment

The 1986 amendment revised the first sentence by changing "shall" to must" and "such" to "the", deleting "from time to time" after the word "available" in the second sentence, and adding a new sentence at the end of the section concerning the employer annuity accumulation fund.

The 2012 amendment substituted "board" for "State Budget and Control Board"; inserted "shall" before "a portion of the monies"; and made other nonsubstantive changes.