Section 2 AAC 37.260 - Prescribed rates of interest(a) The prescribed rate of interest that accrues on an indebtedness owed to the national guard/naval militia retirement system (AS 26.05) is seven percent compounded semiannually on June 30 and December 31 of each year.(b) Interest shall be charged on amounts owed to the national guard/naval militia retirement system by a member, survivor, or beneficiary if the amount owed is the result of erroneous information supplied by the member, survivor, or beneficiary, or if the member, survivor, or beneficiary had reasonable grounds to believe that the amount of the benefit was in error. Interest accrues from the date on which the correct payment was due and continues until an actuarial adjustment to the benefit is effective or the amount owed is paid.(c) The prescribed rate of interest that accrues on an amount owed by the national guard/naval militia retirement system to a member, survivor, or beneficiary of the system is seven percent compounded semiannually on June 30 and December 31 of each year. Interest accrues from the date on which the correct payment was due and continues until an actuarial adjustment to the benefit is effective or the amount owed is paid.Eff. 11/28/86, Register 100