New Life Rule?

[Skornzy]

Hey there, I have been playing this game for about a week now, and have specifically gotten myself attached to the LLJK1 server. I only have one small and probably unimportant question to ask though. When a new round begins is my character supposed to remember the events that happened in previous rounds? Or is this a Groundhog Day scenario where the day repeats, and everyone goes on about their day as if nothing from the previous game actually happened. My guess is the latter, but I haven't seen anything official about this topic, and I want to see your opinions on the matter.