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Members' savings account - 24 Pa. Cons. Stat. § 8523

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     § 8523.  Members' savings account.
        (a)  Credits to account.--The members' savings account shall
     be the ledger account to which shall be credited the amounts of
     the pickup contributions made by the employer and contributions
     or lump sum payments made by active members in accordance with
     the provisions of Chapter 83 (relating to membership,
     contributions and benefits).
        (b)  Interest and transfers from account.--The individual
     member accounts to which interest is payable shall be credited
     with statutory interest. The accumulated deductions credited to
     the account of a member who dies in service or whose application
     for an annuity has been approved shall be transferred from the
     members' savings account to the annuity reserve account provided
     for in section 8525 (relating to annuity reserve account).
        (c)  Charges to account.--Upon the election of a member to
     withdraw his accumulated deductions, the payment of such amount
     shall be charged to the members' savings account.
     (July 22, 1983, P.L.104, No.31, eff. imd.; Dec. 19, 1984,
     P.L.1191, No.226, eff. imd.)

        1984 Amendment.  Act 226 reenacted subsec. (a), retroactive
     to January 1, 1983.
        Cross References.  Section 8523 is referred to in sections
     8522, 8525 of this title.

Last modified: November 27, 2007