a) The Division shall pay the members of the Association interest on the gross amount of any retroactive pay that may be paid to such members less the amount of any statutory deduction for C.P.P., U.I.C., and income tax due with respect to that pay.
b) The interest shall be calculated from the date that the monies would have been due. The interest paid shall be calculated and paid at the average regular savings account rate at the Division’s financial institution.