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 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 78.5512 and 78.5516; and (2) The interest credited annually to each member's individual account as provided by KRS 78.510 to 78.852. Effective:April 1, 2021