Current through Register Vol. 54, No. 24, June 15, 2024
Section 215.23 - Member's savings account(a) Interest is credited to each member's savings account during active or inactive service and also during the period a vestee retains vested credits. Interest is not credited to a member's savings account if the member has terminated service or has been an inactive member over 2 years and is not eligible for vested benefits. The rate of interest when credited is the statutory rate of 4% per annum.(b) Retirement Code reference: Section 8523 of the Retirement Code (relating to member's savings account).The provisions of this § 215.23 amended October 16, 1998, effective 10/17/1998, 28 Pa.B. 5226.