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What is a semi-annual interest crediting rate?

April 26, 2017crediting rate semi-annual

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What is a semi-annual interest crediting rate?

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According to the law, interest is credited (at a rate set by the Board of Investments) to member contributions on deposit in the retirement fund. Interest crediting is applied twice a year (semi-annually) on June 30 and December 31 to all member contributions that have been in the retirement fund for at least six months immediately prior to the date of credit.