Individual accounts of members; liability of Board upon return of contributions.
The Board shall provide for an individual account for each member of the System. Each account must show the amount of the member’s contributions to the Public Employees’ Retirement Fund or Police and Firefighters’ Retirement Fund and any changes in the account that may be legally authorized.
Any interest paid by a member with the repayment of withdrawn contributions or purchase of any service must not be credited to such member’s account.
The Board is relieved of any further liability regarding a member, the member’s estate or a beneficiary upon the return of all employee contributions to the member, the member’s estate or beneficiary or a combination thereof.