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Does a members contribution to the Retirement System earn interest? If so, how is the interest calculated?

April 26, 2017calculated contribution earn retirement system

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Does a members contribution to the Retirement System earn interest? If so, how is the interest calculated?

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Your contributions are placed in an individual annuity savings fund where it earns annual interest at a statutory rate comparable to that of a passbook savings account. The interest rate is determined by the Public Employee Retirement Administration Commission and the Commissioner of Banks.