KRS 61.580: Retirement allowance account.

The retirement allowance account shall be the account in which shall be

accumulated all employer contributions and amounts transferred from the members'

account, and to which all income from the invested assets of the system shall be

credited. From this account shall be paid the expenses of the system and the board

incurred in administration of the system, retirement allowances, and any other

benefits payable after a member's retirement and from this account shall be

transferred to the members' account:

(1) The employer pay credit added monthly to each member's individual accounts

as provided by KRS 16.583 and 61.597; and

(2) The interest credited annually to each member's individual account as provided

by KRS 61.510 to 61.705.