HARRY HUGHES, Governor

1521

each and every payroll of such department for each payroll
period, the proportion of earnable compensation of each
member so computed, except that the percentage rate of
contribution of any member who was contributing prior to
July 1, 1947, on the basis of retirement at age 65 shall not
be changed unless the member elects to contribute on the
basis of retirement at age 60 and makes retroactive
contributions with accrued interest accounting from July 1,
1947, to and including the date he elects to contribute on
the basis of retirement at age 60. AFTER JUNE 30, 1981, OR
THE TERMINATION DATE OF ANY PRIOR CONTRACT, THE FULL
PROPORTION OF EARNABLE COMPENSATION SO COMPUTED MAY NOT BE
PROVIDED FOR EXCEPT AS A DEDUCTION FROM THE SALARY OF EACH
MEMBER. But the head of any department shall not have any
deduction made for annuity purposes from the compensation of
a member who elects not to contribute if he has attained the
age of 60 and has completed thirty years of service. In
determining the amount earnable by a member in a payroll
period, the board of trustees may consider the rate of
annual compensation payable to such member on the first day
of the payroll period as continuing throughout such payroll
period, and it may omit deduction from compensation for any
period less than a full payroll period if an employee was
not a member on the first day of the payroll period, and to
facilitate the making of deductions it may modify the
deduction required of any member by such an amount as shall
not exceed one tenth of one per centum of the annual
compensation upon the basis of which such deduction is to be
made.

89.

All of the assets of the retirement system shall be
credited according to the purpose for which they are held to
one of three funds, namely, the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(1) (b) The board of trustees shall certify to the
superintendent of schools of each county, and the
superintendent of schools of each county shall cause to be
deducted from the salary of each member on each and every
payroll of such county, for each and every payroll period
the proportion of earnable compensation of each member so
computed. AFTER JUNE 30, 1981, OR THE TERMINATION DATE OF
ANY PRIOR CONTRACT, THE FULL PROPORTION OF EARNABLE
COMPENSATION SO COMPUTED MAY NOT BE PROVIDED FOR EXCEPT AS A
DEDUCTION FROM THE SALARY OF EACH MEMBER. In determining the
amount earnable by a member in a payroll period, the board
of trustees may consider the rate of annual compensation
payable to such member on the first day of the payroll
period as continuing throughout such payroll period, and it
may omit deduction from compensation for any period less
than a full payroll period if a teacher was not a member on
the first day of the payroll period, and to facilitate the
making of deductions it may modify the deduction required of
any member by such an amount as shall not exceed 0.1
percent of the annual compensation upon the basis of which