Participant interest distributions

(a) Participant interest shall be determined daily based on the actual earnings of the fund, net of administrative expenses and allocations to the designated surplus reserve. (b) Participant interest shall be computed on the basis of the actual number of days in the year (365 or 366). (c) Participant interest shall be paid monthly by (1) check, (2) reinvestment or (3) other means approved by the treasurer within five business days of the end of each month. (d) The Treasurer shall pay to all participants a special interest distribution pursuant to sections 3-27a and 3-27b of the Connecticut General Statutes consisting of actual interest earnings less previously paid interest, administrative costs, and an allocation to the designated surplus reserve, for the months of June through November 1996, in proportion to the total amount of interest earned by all participants according to the current monthly guaranteed rates. The special distribution shall be paid by December 31, 1996.