(a) An amount equal to seven and one-fourth percent (7-¼%) of the participant’s total earned compensation as defined in Section 25-11-103 shall be remitted to the appropriate company or companies for application to the participant’s contracts or accounts, or both;
(b) An amount equal to two and one-half percent (2-½%) of the participant’s total earned compensation as defined in Section 25-11-103 shall be remitted to the Public Employees’ Retirement System of Mississippi for application to the accrued liability contribution fund;
(c) The remainder, if any, shall be remitted to the appropriate company or companies for application to the participant’s contracts or accounts, or both.
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