§ 114-201. System to maintain three accounts.

The system shall, for the benefit of each member, maintain three individual accounts for bookkeeping purposes:

A.

A member account to which (1) member contributions and interest thereon shall be allocated, including any amount paid by such member for the purchase of creditable service in accordance with division 4 hereof, (2) any withdrawals or refunds or distributions made on account of his separation from service or death shall be charged, and (3) any transfer from the pension accumulation account on account of a member's repayment of his member account balance shall be made.

B.

A pension accumulation account to or from which (1) employer contributions attributable to such member, income and gain thereon shall be credited, (2) any gift or similar amount shall be credited, (3) any single-sum death benefit shall be charged, (4) an amount equal to interest accrued with respect to a member account and interest accrued on the mean amount of the reserves in the annuity reserve account shall be charged, and (5) a transfer to a member's member account shall be made on account of his repayment of his member account.

C.

An annuity reserve account, which (1) shall be credited with the balance of the member's member account and pension accumulation account as of his retirement, and (2) shall be charged with such member's retirement allowance or other benefit payable hereunder.

(M.C.S., Ord. No. 26460, § 2, 6-18-15)