Sec. 33. The reserve for member investment plan is the account into which are remitted member
contributions as provided in section 43a. 1 The retirement board shall provide for the maintenance of an individual subaccount
for each member showing the amount of the member's contributions together with compound
interest accumulation on that amount. Member investment plan accumulated contributions refunded to a member upon a member's
withdrawal from service or paid to the member's legal representative, estate, or refund
beneficiary in the event of the member's or former member's death shall be paid from
the reserve for member investment plan. Member investment plan accumulated contributions not refunded to a member or paid
to the member's or former member's legal representative, estate, or refund beneficiary
shall be transferred from the reserve for member investment plan to the reserve for
employer contributions. The member investment plan accumulated contributions of a member, upon retirement
or upon death if a retirement allowance is payable, shall be transferred from the
reserve for member investment plan to the reserve for retired benefit payments.
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