(a) Contribution Required. Each Member shall contribute to the System by salary deduction at the rate of contribution established by ordinance.
(b) Member Accounts. The Board of Administration shall maintain an individual account of the contributions made by or for each Member. Regular interest shall be credited to the individual accounts as of the last day of each month equal to the yield of the five year Treasury Note as determined by the board.
(c) Payroll Deduction. Each Member shall be deemed to consent and agree to each deduction made as provided for in this section and the payment of each payroll check to a Member shall be a full and complete discharge and acquittance of all claims and demands whatever for the services rendered by each Member during the period covered by the payroll, except any claims that the Member has to the benefits provided for in this Part 1.
(d) Refund of Contributions. The right of each and every Member to be paid his or her accumulated contributions in the event of any subsequent repeal of this Part 1 is hereby declared to be a vested property right of each Member. Furthermore, the right of each and every Member to be paid his or her accumulated contributions upon his or her separation from the City service and the right of each and every beneficiary to be paid the Member’s accumulated contributions upon the Member’s death before retirement or his or her unused contributions upon the Member’s death after retirement are hereby declared to be vested property rights of each Member or Beneficiary.