BENEFIT ACCUMULATION FUND: CURRENT SERVICE

(a) The retirement system shall credit or charge to the account of a participating municipality in the benefit accumulation fund: (1) all current service contributions made by the municipality to the retirement system; (2) net investment income or loss allocated to the fund under Section 855.317; and (3) the withdrawal charge for reinstatement of credited service as provided by Section 853.003. (b) The retirement system shall pay from the account of a participating municipality in the benefit accumulation fund: (1) all payments under annuities arising from current service credits; and (2) refunds to certain municipalities in accordance with Section 855.319. (c) If credited service previously canceled is reinstated in accordance with Section 853.003, the retirement system shall charge the municipality's account in the benefit accumulation fund with the necessary reserves to fund the credits based on current service that are restored to the member. (d) The annuities payable as provided by this section are liabilities and obligations of the participating municipality for which the service was performed on which the annuities are based and are payable from the municipality's account in the benefit accumulation fund.