§ 8523. Members' savings account.

194 words·~1 min read·/pa/title-24/chapter-85/8523

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(a)Credits to account.-- The members' savings account shall be the ledger account to which shall be credited the amounts of the pickup contributions made by the employer and contributions or lump sum payments made by active members in accordance with the provisions of Chapter 83 (relating to membership, contributions and benefits).

(b)Interest and transfers from account.-- The individual member accounts to which interest is payable shall be credited with statutory interest. The accumulated deductions credited to the account of a member who dies in service or whose application for an annuity has been approved shall be transferred from the members' savings account to the annuity reserve account provided for in section 8525 (relating to annuity reserve account).

(c)Charges to account.-- Upon the election of a member to withdraw his accumulated deductions, the payment of such amount shall be charged to the members' savings account.

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(July 22, 1983, P.L.104, No.31, eff. imd.; Dec. 19, 1984, P.L.1191, No.226, eff. imd.)

1984 Amendment. Act 226 reenacted subsec. (a), retroactive to January 1, 1983.

Cross References. Section 8523 is referred to in sections 8522, 8525 of this title.

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