§ 36-10-4 - Credits and charges to contingent reserve account. - Rhode Island Statutes

SECTION 36-10-4

   § 36-10-4  Credits and charges tocontingent reserve account. – The amounts credited by the system to the annuity reserve fund and pensionaccumulation fund prior to July 1, 1947, shall be transferred on that date to acontingent reserve account. All appropriations by the state and all otherincome of the system except member contributions shall be credited to thecontingent reserve account. The annuity savings account of any member of thesystem who shall be granted an annuity, benefit, or retirement allowance underthe provisions of this chapter shall be transferred to the contingent reserveaccount, and all payments on account of any annuity, benefit, or retirementallowance shall be charged thereto. Any excess remaining in the contingentreserve account at the end of any fiscal year after payments for the year shallhave been charged to the account shall be considered as a contingent reserve tomeet the future liabilities of the system.