(a) Members. Every employee must be a member of the fund except:
(1) a retiree re-employed by the city, who may elect not to contribute to the fund under Section 40A-20; or
(2) a leased employee who is not eligible to contribute to the fund.
(b) Contribution amount.
(1) For each pay period ending during a transition year, each member shall contribute to the retirement fund an amount equal to 37 percent times the current total obligation rate for that fiscal year times the member’s wages for the pay period.
(2) For each pay period ending during a fiscal year other than a transition year, each member shall contribute to the retirement fund an amount equal to 37 percent times the current adjusted total obligation rate for that fiscal year times the member’s wages for the pay period.
(c) Deductions. The contributions by each member receiving compensation from the city will normally be made by means of deduction on each payday.
(d) Discontinuing contributions.
(1) No member may discontinue contributions to the retirement fund unless the member is on:
(A) unpaid leave for military active duty; or
(B) a leave of absence.
(2) A member who discontinues contributions to the retirement fund under Subsection (d)(1)(B) will have any retirement or death benefits computed based on credited service established at the date of discontinuance. (Ord. Nos. 15414; 17713; 19470; 20960; 21582; 25695; 30162)