Interest on contributions made by members after July 1, 1957 shall be computed from the time of deduction and added to the accumulated contributions. Interest in the annuity savings fund shall be credited to the date on which, as applicable, a member dies, has his or her contributions refunded, retires where the member elects to receive an annuity from the system, or receives, following retirement, a total withdrawal distribution of his or her annuity savings, or membership otherwise ceases, and when membership ceases no interest will be allowed on contributions left in the annuity savings fund.