The retirement board, on receipt of contributions from teachers deducted and remitted by employers as provided in section fifteen of this article, shall make requisition on the State Auditor for an amount equaling such contributions. On receipt of the requisitions duly certified, the State Auditor shall transfer the amount so requisitioned from the general state revenue fund to the employers accumulation fund.
At the beginning of each quarter the Governor shall transfer to the employers accumulation fund one fourth of the annual appropriations therefor.