§ 5939. Interest reserve account.
The interest reserve account shall be the ledger account to which shall be credited all income earned by the fund and to which shall be charged all administrative and investment expenses incurred by the fund. At the end of each year the required interest shall be transferred from the interest reserve account to the credit of each of the accounts in accordance with the provisions of this subchapter. In addition, at the end of each accounting period, the interest reserve account shall be credited or charged with all recognized changes in the market valuation of the investments of the fund. The administrative and investment expenses of the board shall be paid from the fund out of earnings. Any surplus or deficit in the interest reserve account at the end of each year shall be transferred to the State accumulation account.
(Mar. 4, 1982, P.L.141, No.45, eff. imd.)
Cross References. Section 5939 is referred to in section 5932 of this title.
Section: Previous 5932 5933 5934 5935 5936 5937 5938 5939 5940 5941 5951 5952 5953 5953.1 5953.2 NextLast modified: October 8, 2016