§88-107  Interest.  (a)  The board of
trustees shall annually allocate the interest and other earnings of the system
to the funds of the system, as follows:



(1)  The annuity savings fund shall be credited with
the amount of regular interest credited to members' accounts;



(2)  The expense fund shall be credited with such sums
as provided in section 88-116; and



(3)  The remaining investment earnings, if any, shall
be credited to the pension accumulation fund.



(b)  Beginning with actual investment earnings
in fiscal year 1995 in excess of the investment yield rate, to address
outstanding unfunded pension obligations, ten per cent of such excess earnings
shall be deposited in the pension accumulation fund; remaining excess earnings
shall be applied to the amounts to be contributed under section 88-123.  In
fiscal year 1996, twenty per cent of the actual investment earnings in excess
of the investment yield rate shall be deposited in the pension accumulation
fund; remaining excess earnings shall be applied to the amount contributed
under section 88-123.  In fiscal years 1997 and 1998, actuarial investment
earnings in excess of a ten per cent actuarial investment yield rate shall be
applied to the amount contributed under section 88-123.  Beginning in fiscal
year 1999, one hundred per cent of the investment earnings shall be deposited
in the pension accumulation fund.



(c)  The application of actuarial investment
earnings to the amount contributed under section 88-123 for fiscal years 1997
and 1998 as provided in subsection (b) is a one-time only provision and no law
shall be enacted to again require the employees' retirement system to apply
actuarial investment earnings to offset the amount contributed under section
88-123. [L 1925, c 55, pt of §7; am imp L 1927, c 251, §4; am imp L Sp 1933, c
10, §1; RL 1935, pt of §7926; am imp L 1935, c 48, §2; RL 1945, §711, subs 1;
RL 1955, §6-78; am L 1963, c 127, §15; am L 1965, c 222, §12; HRS §88-97; am L
1969, c 110, pt of §1; am L 1984, c 23, §1; am L 1988, c 41, §4; am L 1994, c
276, §6; am L 1997, c 327, §2; am L 1999, c 100, §1]