(a) The Annuity Savings Fund, heretofore established by the City Charter, as amended, is hereby retained. It shall be the fund in which shall be accumulated, at regular interest, the contributions deducted from the compensations of members to provide for their annuities, and from which shall be paid refunds of accumulated contributions, as provided in this chapter.
(b) Effective November 1, 1987, a member's contributions to the retirement system shall be 7.55 percent of the total compensation paid to him or her by the City.
(c) The officer responsible for making up the payroll shall cause the contributions provided for in this section to be deducted from the compensation of each member on each and every payroll, for each and every payroll period, from the date of such member's entrance in the retirement system to the date of his or her retirement or prior separation from City service. The member contributions provided for herein shall be made, notwithstanding that the minimum compensation provided by law for any member shall be changed thereby. Every member shall be deemed to consent and agree to the deductions made and provided for herein, and payment of his or her compensation less such deduction shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such person during the period covered by such payment, except as to benefits provided by this chapter. The officer responsible for making up the payroll shall certify to the City Treasurer the amount of contributions to be deducted from the compensation of each member for each and every payroll. Each of such amounts shall be deducted by the City Treasurer, and when so deducted, shall be paid to the retirement system and shall be credited to such member's individual account in the Annuity Savings Fund.
(d) In addition to the contributions deducted from the compensation of a member, as hereinbefore provided, a member who is accepted for re-entry into the retirement system shall deposit in the Annuity Savings Fund, by a single contribution within four years of entry, all amounts he or she may have previously withdrawn from and not repaid to the Annuity Savings Fund, together with regular interest computed from the date of withdrawal to the date of repayment. In no case shall any member be given credit for service rendered prior to the date he or she withdrew his or her accumulated contributions until he or she repays to the Annuity Savings Fund all amounts due such fund by him or her.
(e) Upon retirement of a member, his or her accumulated contributions shall be transferred from the Annuity Savings Fund to the Retirement Reserve Fund. At the expiration of a period of three years from the date an employee ceases to be a member, any balance standing to his or her credit in the Annuity Savings Fund, unclaimed by such member or his or her legal representative, shall be transferred to the Pension Reserve Fund.
An employee may withdraw his or her own pension contributions upon his or her retirement. The amount of a retired member's pension shall be reduced if the retired member is paid all or any part of the retired member's accumulated member contributions. The actuarial present value of the pension reduction shall be equal to the amount of accumulated member contributions withdrawn. The actuarial present value of the pension reduction shall be computed using:
(1) The interest rate published by the Pension Benefit Guarantee Corporation for converting a series of immediate monthly pension payments to a lump sum value; and
(2) The 1971 Group Annuity Mortality Table, set back zero years for males and five years for females.
(Res. 88-388. Passed 5-23-88.)