Once you become a member of the System, an Annuity Savings Account is established on your behalf. Your employer deducts your retirement contributions and forwards them to the System, which in turn deposits your contributions into your annuity Savings Account. Your contributions, plus any accumulated interest, are credited directly to your account. The interest rate is set by the Public Employee Retirement Administration Commission (PERAC) and the Commissioner of Banks. Each year, the Board issues a statement to all its active members that reflects the yearly and total contributions and interest credited to the account.