Section 12Part 3 — Account Adjustments
Participation contribution account adjustments-credits
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On each account adjustment date described in section 14, the Administrator shall credit the participant contribution account of each participant with an amount equal to the sum of —
the aggregate amount of participant contributions deducted from his pensionable earnings and paid into the Fund since the last account adjustment date; and
for account adjustment dates falling on or prior to a participant's benefit commencement date, the interest attributable to his participant contribution account since the last account adjustment date determined by applying the credited rate of return for the period ending on the account adjustment date to —
the participant contribution account balance on the prior account adjustment date; and
each contribution and distribution credited to or debited from such account since the last account adjustment date, taking into account the date each such contribution and distribution was paid into or out of the Fund.
Defined Terms
account adjustment dateAdministratorparticipant contribution accountpensionable earningsFundcredited rate of returnbenefit commencement date
Cross References
- Section 14 of Parliamentary Pensions Act
account adjustment date described in section 14
Referenced By
- Section 14 — Accounts adjustment dates
account adjustments described in sections 12