Sec.10-183l-1. Credited interest

The rate of interest to be credited to members accumulated contributions on the last day of June of each year after 1979 shall be fixed by the Teachers' Retirement Board at its regular meeting in June of each year.

Interest shall be credited on a member's accumulated contributions to the date of payment in cases of withdrawal after termination or lump sum payment at retirement. Payment shall be made to the member on the last day of the month of withdrawal, and in addition to annually credited interest, additional interest shall be paid for each month from the preceding June 30 to the date of payment at a rate which is one quarter of one per cent below the most recently established rate fixed by the Board.

(Effective August 15, 1980)