(a) Except as provided in subsection (b) of this section, regular interest is payable on member contributions at the rate of 5% per year compounded annually until retirement or withdrawal of contributions and interest.

(b) Except as provided in subsection (c) of this section, no further interest shall be paid on member contributions after membership ends if the former member is not eligible to receive a vested allowance under Title 29, Subtitle 3 of this article.

(c) (1) In this subsection, “active member” means a member who is not separated from employment with the State or a participating employer of the Employees’ Pension System or the Teachers’ Pension System.

(2) This subsection applies only to an individual who:

(i) is a former member of the Alternate Contributory Pension Selection;

(ii) is not eligible to receive a vested allowance from the Alternate Contributory Pension Selection under Title 29, Subtitle 3 of this article;

(iii) has not withdrawn the individual’s member contributions from the Alternate Contributory Pension Selection; and

(iv) is an active member subject to the Reformed Contributory Pension Benefit.

(3) An individual described in paragraph (2) of this subsection shall receive regular interest at the rate described under subsection (a) of this section on the individual’s member contributions in the Alternate Contributory Pension Selection while the individual is an active member subject to the Reformed Contributory Pension Benefit.