§ 203-1-R. Regular Interest.

"Regular interest" shall mean:

(a)

Interest at 4 percent per annum compounded annually for contributions accumulated prior to January 1, 1958; and at 3½ percent per annum compounded annually for periods from and after January 1, 1958, to January 1, 1964; and at 3½ percent per annum compounded annually for periods from January 1, 1964, to January 1, 1968; and at 4 percent per annum compounded annually for periods from and after January 1, 1968, when such accumulated contributions are applied to the payment of annuities.

(b)

In all other cases, interest at 4 percent per annum compounded annually for periods prior to January 1, 1942, and at 2 percent per annum compounded annually for periods from and after January 1, 1942.

(C.O. 203-r1; a. Ord. No. 455-1957, eff. Jan. 1, 1958; a. Ord. No. 98-1964, eff. Jan. 1, 1964; a. Ord. No. 33-1968, eff. Jan. 24, 1968; renumbered to C.M.C. 203-1-r, eff. Jan. 1, 1972; a. Ord. No. 545-1983, eff. Dec. 23, 1983)

Note— For effect on members who retired prior to Jan. 1, 1958, see Ord. No. 62-1959, eff. Apr. 17, 1959.