(a) The retirement system shall transfer to the retired reserve account:
(1) from the member savings account, an amount equal to the accumulated contributions in a member’s individual account when the member retires or when the retirement system approves the payment of any benefit authorized under this subtitle on the member’s retirement or death;
(2) from the state contribution account, an amount certified by the actuary or determined under actuarial tables adopted by the board of trustees pursuant to § 825.105 as necessary to provide for the payment of the benefit as it becomes due; and
(3) from the interest account, the amount required by § 825.313(b)(1).
(b) The retirement system shall use money in the retired reserve account to pay all retirement annuities and all death or survivor benefits, including postretirement benefit increases and other adjustments to annuities.