(A) The pension savings fund is continued. It shall be the fund in which the contributions of members to the retirement system shall be accumulated and from which refunds of accumulated contributions shall be paid as provided in this chapter.
(B) The contributions of a member to the retirement system shall be 5% of his annual compensations.
(C) The officer or officers responsible for making up the payroll shall cause the contributions provided for in division (B) of this section to be deducted from the compensation of each member on every payroll, for every payroll period, beginning with the effective date of the retirement system, and continuing so long as a member remains in the employ of the city. When deducted, contributions shall be paid into the pension savings fund and credited to the individual account of the member. Every member shall be deemed to consent and agree to the deductions made and provided for herein, and payment of his compensations less these deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the member during the period covered by the payment, except as to benefits provided by the retirement system. The members' contributions shall be made notwithstanding that the minimum compensation provided by law shall be changed thereby.
(D) In addition to the contributions deducted from the compensations of a member, he shall repay to the pension savings fund, in a manner approved by the Board, all amounts he may have withdrawn from the fund, together with regular interest thereon computed from the date of withdrawal to the date or dates of repayment. No member shall be given credit for services rendered prior to the date he withdraws any part of his accumulated contributions from the pension savings fund until he has repaid in full all amounts he owes to the fund.
(E) Upon the retirement of a member, his accumulated contributions in the pension savings fund shall be transferred to the pension reserve fund. Except as otherwise provided in this chapter, at the expiration of three years from the date an individual's membership is terminated, any balance of accumulated contributions remaining in the pension savings fund, unclaimed by any individual or his legal representative, shall be transferred to the pension accumulation fund.
(‘83 Code, § 36.45)