The amounts credited by the system to the annuity reserve fund and pension accumulation fund prior to July 1, 1947, shall be transferred on that date to a contingent reserve account. All appropriations by the state and all other income of the system except member contributions shall be credited to the contingent reserve account. The annuity savings account of any member of the system who shall be granted an annuity, benefit, or retirement allowance under the provisions of this chapter shall be transferred to the contingent reserve account, and all payments on account of any annuity, benefit, or retirement allowance shall be charged thereto. Any excess remaining in the contingent reserve account at the end of any fiscal year after payments for the year shall have been charged to the account shall be considered as a contingent reserve to meet the future liabilities of the system.
History of Section.
G.L. 1938, ch. 18, § 5; P.L. 1947, ch. 1971, § 3; G.L. 1956, § 36-10-4.