HERBERT R. O'CONOR, GOVERNOR. 599

(f) The accumulated contributions of a member withdrawn
by him, or paid to his estate or to his designated beneficiary
in event of his death, as provided in this Article, shall be paid
from the Annuity Savings Fund. Upon the retirement of a
member his accumulated contributions shall be transferred
from the Annuity Savings Fund to the Annuity Reserve Fund.

(2) ANNUITY RESERVE FUND

The Annuity Reserve Fund shall be the fund in which shall
be held the reserves on all annuities in force and from which
shall be paid all annuities and all benefits in lieu of annuities,
payable as provided in this Article. Should a beneficiary
retired on account of disability be restored to membership,
his annuity reserve shall be transferred from the Annuity
Reserve Fund to the Annuity Savings Fund and credited to
his individual account therein.

(a) The Pension Accumulation Fund shall be the fund in
which shall be accumulated all reserves for the payment of
all pensions and other benefits payable from contributions
made by the State and from which shall be paid all pensions
and other benefits on account of members with prior service
credit and the lump sum death benefits for all members pay-
able from said contributions. Contributions to and payment
from the Pension Accumulation Fund shall be made as fol-
lows:

(b) On account of each member there shall be paid annually
into the Pension Accumulation Fund by the State for the
preceding fiscal year an amount equal to a certain percentage
of the annual earnable compensation of each member to be
known as the "normal contribution", and an additional
amount equal to a percentage of his annual earnable com-
pensation to be known as the "accrued liability contribution".
The rates per centum of such contributions shall be fixed on
the basis of the liabilities of the retirement system as shown
by actuarial valuation. Until the first valuation the normal
contribution shall be two and seven hundredths per centum,
and the accrued liability contribution shall be one and ninety-
four hundredths per centum, of the annual earnable compensa-
tion of all members.

(c) On the basis of regular interest and of such mortality
and other tables as shall be adopted by the Board of Trustees,
the actuary engaged by the Board to make each valuation re-
quired by this Article during the period over which the
deficiency contribution is payable, immediately after making
such valuation, shall determine the uniform and constant per-
centage of the earnable compensation of the average new
entrant, which is contributed on the basis of compensation
of such new entrant throughout his entire period of active