TRANSFERS FROM INTEREST ACCOUNT

(a) Annually, the retirement system shall transfer from the interest account to the state contribution account amounts accumulated under Section 825.311(2). (b) On August 31 of each year, the retirement system shall make the following transfers from the interest account: (1) to the retired reserve account, an amount equal to 4-3/4 percent of the average balance of the retired reserve account for that fiscal year or, if the transfer is authorized by resolution of the board, an amount computed at a greater rate if the actuary recommends the greater rate to adequately fund the retired reserve account; and (2) to the state contribution account, the amount remaining in the interest account after the other transfers required or authorized by this section are made. (c) On August 31 of each year, the retirement system shall transfer from the interest account to the member savings account an amount computed under Section 825.307(b) unless membership is terminated in that fiscal year. If membership is terminated during the fiscal year, the retirement system shall transfer from the interest account to the member savings account an amount computed under Section 825.307(c). (d) The board of trustees, by resolution recorded in its minutes, may transfer from the interest account to the expense account an amount necessary to cover the expenses of the retirement system for the fiscal year that are required to perform the fiduciary duties of the board.