HARRY HUGHES, Governor

155

hand and the aforesaid normal contribution made on account
of such members during the remainder of their active
service. The rate per centum so determined shall be known
as the "accrued liability contribution" rate.

(e)   The total amount payable in each year to
the Accumulation Fund shall be not less than the sum of the
rates per centum known as the normal contribution rate and
the accrued liability contribution rate, of the total
compensation earnable by all members during the preceding
year; provided, however, that the aggregate payment by the
State shall be sufficient, when combined with the amount in
the fund, to provide the pensions and other benefits payable
out of the fund during the year then current.

(f)   The accrued liability contribution shall be
discontinued as soon as the accumulated reserve in the
Accumulation Fund shall equal the present value, as
actuarially computed and approved by the board of trustees,
of the total liability of such fund less the present value,
computed on the basis of the normal contribution rate then
in force, of the prospective normal contributions to be
received on account of persons who are at that time members.

(g)   All retirement allowances and all lump sum
death benefits on account of death in active service payable
from contributions of the State, shall be paid from the
Accumulation Fund.

(h) All interest and dividends earned on the
funds of the retirement system shall be credited to the
Accumulation Fund. The amounts needed to allow regular
interest on the reserves in the Annuity Savings Fund shall
be transferred to said fund in accordance with the
provisions of this article from the Accumulation Fund.]

(A)   THE ACCUMULATION FUND SHALL BE THE FUND IN
WHICH SHALL BE ACCUMULATED ALL RESERVES FOR THE PAYMENT OF
ALL ALLOWANCES AND OTHER BENEFITS PAYABLE FROM CONTRIBUTIONS
MADE BY THE STATE, AMOUNTS TRANSFERRED FROM THE ANNUITY
SAVINGS FUND, AND FROM WHICH SHALL BE PAID ALL BENEFITS
PAYABLE UNDER THE SYSTEM OTHER THAN THOSE PAYABLE FROM THE
ANNUITY SAVINGS FUND.

(B)   EACH YEAR, ON ACCOUNT OF EACH MEMBER, THE
STATE SHALL PAY INTO THE ACCUMULATION FUND AN AMOUNT AT
LEAST EQUAL TO A CERTAIN PERCENTAGE OF THE ANNUAL EARNABLE
COMPENSATION OF THE MEMBER, TO BE KNOWN AS THE "NORMAL
CONTRIBUTION," AND AN ADDITIONAL AMOUNT EQUAL TO A CERTAIN
PERCENTAGE OF HIS ANNUAL EARNABLE COMPENSATION, TO BE KNOWN
AS THE "ACCRUED LIABILITY CONTRIBUTION." THE RATES PERCENT
OF THESE CONTRIBUTIONS SHALL BE FIXED ON THE BASIS OF THE
LIABILITIES OF THE RETIREMENT SYSTEM BY ACTUARIAL VALUATION.

(C)   ON THE BASIS OF INTEREST AND THE MORTALITY
AND SERVICE TABLES ADOPTED BY THE BOARD OF TRUSTEES,
IMMEDIATELY AFTER MAKING EACH ACTUARIAL VALUATION, THE