Section 215.23. Member’s savings account

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(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 October 17, 1998, 28 Pa.B. 5226. Immediately preceding text appears at serial page (238122).

                    
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