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(a) Effective July 1, 1974, the interest rate on arrearage, retroactive and reinstatement contributions is seven percent compounded annually on June 30.
(b) Effective June 30, 1974, the interest rate on member contribution accounts is four and one-half percent compounded annually on June 30.
(c) Interest on member contribution accounts will be credited on contributions which are due for the preceding school year and are transmitted by July 15 of the succeeding school year. The date of postmark is the transmittal date. The system is not liable for interest on contributions which cannot be posted to the member contribution account.
(d) Compound interest as prescribed for arrearage indebtedness, retroactive indebtedness and reinstatement indebtedness commences on the date specified by law. If a law permits the establishment of an indebtedness not previously authorized, then the interest commences the date of the enactment of the law or the date the member joins the system, whichever is later.
History: In effect before 10/21/83, Register 93
Authority: AS 14.25.035
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Last modified 7/05/2006