Every town employee, except those electing to be exempted from the operation of this subchapter as hereinafter provided, shall pay into the Retirement Fund 3.5% of his or her regular salary. The payments shall be made by deduction from the salary. The Town Clerk-Treasurer is hereby authorized, empowered and directed to cause the deductions to be made on each abstract from the salary of each employee not exempted from the operation thereof. The Town Clerk-Treasurer shall deposit all the deductions in the Retirement Fund maintained in the Farmers & Stockmens Bank of Clayton. The Retirement Fund shall be disbursed subject to approval of the Board of Trustees and only for the purposes of investment, refunded to employees, annuities for retirement and the expense of maintaining the Retirement Fund.
(Ord. 341, passed 3-28-1951)