(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 compensation of members and from which shall be paid refunds of accumulated contributions as provided in this chapter.
(1979 Code Sec. 2.80.060)
(b) Effective July 1, 1981, a member's contribution to the retirement system shall be 7.55 percent of compensation.
(Res. 82-712. Passed 8-2-82.)
(c) The officer responsible for making up the payroll shall cause the contributions provided for in this section to be deducted from the prevailing wage of each member on each and every payroll, for each and every payroll period, from the date of his or her entrance in the retirement system to the date of his or her retirement or prior separation from City service. The members' 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, and such amounts shall be deducted by the City Treasurer, and when 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 prevailing wage 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 or by an increased rate of contribution as approved by the Retirement Board, all amounts he or she may have previously withdrawn from and not repaid to the Annuity Savings Fund, together with regular interest computed from the date of withdrawal to the date of repayment.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 Annuity Reserve Fund. At the expiration 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 Annuity Reserve Fund.
(1979 Code Sec. 2.80.260)