7.1436 Individual accounts for each member.

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(a) An individual account shall be maintained for each member, to which shall be credited the amounts of his contributions and regular interest thereon.

(b) Regular interest on such contributions shall be credited annually, at the close of each year, and shall be allowed only on the amount of the accumulated contributions standing to the credit of each member at the beginning of each year.

History: 1971, PL 12-29 § 22; amd 1986, PL 19-37 § 12.

Amendments: 1986 Subsection (a): added “regular” before interest

Research Guide: For provisions on regular interest, see subsection (j) of 7.1403.