<br><br>16.565 Retirement allowance account. <br>The retirement allowance account shall be the account in which shall be accumulated all <br>employer contributions, amounts transferred from the member contribution account, and <br>to which all income from the investment assets of the system shall be credited. From this <br>account there shall be paid administrative expenses and in addition all benefits payable <br>under KRS 16.510 to 16.652. There shall be transferred from this account to the member <br>contribution account the interest credited annually to each member's individual accounts. <br>Effective: July 1, 1958 <br>History: Created 1958 Ky. Acts ch. 94, sec. 13, effective July 1, 1958. <br><br>