THEODORE R. MCKELDIN, GOVERNOR                      245

TRIBUTIONS from the time of

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HIS LEAVING SHALL BE THREE PER-
CENTUM.

108. Definitions.

(12) "Regular interest" shall mean interest at the rate of four
per centum per annum compounded annually for members who be-
came such on or before June 30, 1955; and shall mean interest at
the rate of three per centum per annum compounded annually for
members becoming such on and after July 1,1955.

As to any member who after June 1, 1958, leaves, and is no longer
in, active service as a teacher, the rate OF REGULAR INTEREST
CREDITED TO THE MEMBER'S ACCUMULATED CONTRI-
BUTIONS from the time of his leaving

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SHALL BE THREE PERCENTUM.

55. Management of funds.

(2) Regular interest.—The board of trustees annually shall allow
regular interest on the mean amount for the preceding year in each
of the funds with the exception of the expense fund. The amounts
so allowed shall be due and payable to said funds, and shall be an-
nually credited thereto by the board of trustees from interest and
other earnings on the moneys of the Retirement System. Any addi-
tional amount required to meet the interest on the funds of the
Retirement System shall be paid by the State, and any excess of
earnings over such amount required shall be deductible from the
amounts to be contributed by the State.

Regular interest shall mean such per centum rate to be compounded
annually as shall be determined by the board of trustees to be equi-
table, in its judgment, to both the employees and taxpayers of the
State, after taking into consideration the actual interest earnings of
the System for the preceding years and of the probable earnings of
the System to be made in the future. Such rate shall be limited to
a minimum of three per centum and a maximum of four per centum
for members who become such on or before June 30, 1955, and shall
be limited to a maximum of three per centum for members becoming
such on and after July 1, 1955.

As to any member who after June 1,1958, leaves, and is no longer
in, active as an employee, the rate OF REGULAR INTEREST
CREDITED TO THE MEMBER'S ACCUMULATED CONTRI-
BUTIONS from the time of his leaving

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SHALL BE THREE PERCENTUM.

Sec 2. And be it further enacted, That this Act shall take effect
June 1, 1958.

Approved April 4, 1958.