Do a member’s contributions to the retirement system earn interest? If so, how is the interest calculated?

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Do a member’s contributions to the retirement system earn interest? If so, how is the interest calculated?

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Your contributions are placed in an individual annuity savings fund, which earns annual interest at a rate comparable to that of a passbook savings account. The interest rate is determined by the Public Employee Retirement Administration Commission and the Commissioner of Banks. This annual interest rate is independent of that earned on the retirement system’s investments.

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