All of the assets of the System are credited, according to the purpose for which they are held, to two bookkeeping accounts, hereinafter referred to as "funds". The accounts are referred to as the employee annuity savings fund and the employer annuity accumulation fund.

HISTORY: 1962 Code Section 61-61; 1952 Code Section 61-61; 1945 (44) 212; 1949 (46) 424; 1960 (51) 1524; 1980 Act No. 407, Section 1; 1986 Act No. 309 Section 1, eff February 4, 1986.

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 changed "shall be" to "are", decreased the number of bookkeeping accounts from "three" to "two", and deleted "and the post-retirement increase special fund" at the end of the section.