Section 11.47 - Employee AccountThe Board shall transfer monthly the balance of the employer contribution (less Life and Disability Account and Monthly Fee) from the Optional Retirement Program Trust Fund to the Optional Retirement Program Employee Accounts maintained by not less than two and no more than four providers.
(1) A monthly accounting shall be made by the Board of the:(a) Total monthly amount of regular compensation of all Optional Retirement Program participants.(b) Total monthly amount transferred to the Life and Disability Account.(c) Total monthly amount paid to the Administrative Account.(d) The monthly balance of the State Employees Retirement System employer contribution.(2) The monthly balance of the State Employees' Retirement System employer contribution shall be transferred by the Board from the Optional Retirement Program Trust Fund to each Board Optional Retirement Program Employee Account based on the percent of individual regular monthly compensation to the monthly balance of the employer contribution.(a) The Board shall make a monthly accounting of the individual Employee Account transferred, the amounts transferred to each Provider, and shall reconcile the individual transfers by Provider to the total transferred to all Providers.(b) The Board shall make a monthly report of the amounts transferred to the individual Employee Accounts.