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WILLIAM DONALD SCHAEFER, Governor
Ch. 430
All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:
(i) The Annuity Savings Fund;
(ii) The Accumulation Fund; and
(iii) The Expense Fund.
(1) (a) The Annuity Savings Fund shall be the fund in
which the contributions deducted from the compensation of members
AND PICKUP CONTRIBUTIONS PROVIDED FOR IN THIS SUBSECTION together
with any amounts transferred thereto from the Annuity Savings
Fund of the retirement system shall be accumulated. The amounts
transferred shall be allocated between regular and additional
contributions. On his retirement or other withdrawal from service
on the basis of which a retirement allowance is payable, the
member's additional contributions, with interest, shall be paid
as an additional allowance equal to an annuity that is the
actuarial equivalent of that amount, in the same manner as the
benefit otherwise payable under this pension system.
(b) (i) Contributions shall be made on and
after the date of establishment at the rate of 5 percent of the
part of the member's earnable compensation that is in excess of
the taxable wage base for each year. Each of the amounts shall
be:
1. Deducted until the member retires or
otherwise withdraws from service;
and
the member,
2. Paid into the Annuity Savings Fund;
3. Credited to the individual account of
(ii) After June 30, 1981, or the
termination date of any prior contract, the full 5 percent of the
member's earnable compensation that is in excess of the taxable
wage base may not be provided for except as a deduction from the
salary of the member.
(F) (I) IN THIS PARAGRAPH, "APPROVED EMPLOYER"
MEANS AN EMPLOYER OF MEMBERS IN THIS PENSION SYSTEM, WHO HAS
OBTAINED THE APPROVAL OF THE INTERNAL REVENUE SERVICE TO HAVE AN
EMPLOYER PICKUP PROGRAM IN ACCORDANCE WITH § 414(H)(2) OF THE
INTERNAL REVENUE CODE.
(II) AFTER JANUARY 1, 1989, THE STATE OR
OTHER APPROVED EMPLOYER OF THE MEMBER SHALL PICK UP THE MEMBER
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