Each active member participating in the Fund shall contribute 6.5% of his or her gross annual salary (not including any state salary supplement). The Director of Finance and Budget is authorized to deduct the amount from the salary of each active member in biweekly installments. Every employee who is a member of the Fund shall be deemed to consent and agree to the deduction from salary as herein provided, and shall receipt for his or her full salary, and payment of the employee of salary less the deduction shall constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the employee during the period covered by the payment, except as to the benefits herein provided.
(1999 Lou. Code, § 36.117) (Lou. Ord. No. 91-1973, approved 6-29-1973; Lou. Am. Ord. No. 40-1986, approved 2-27-1986; Lou. Am. Ord. No. 165-1986, approved 6-5-1986; Lou. Metro Am. Ord. No. 64-2004, approved 6-3-2004)