(A) The Member’s Deposit Fund is hereby created. It shall be the fund in which shall be accumulated, at regular interest, the contributions made by members to the retirement system, and from which shall be made refunds and transfers of accumulated contributions, as provided in this chapter.
(B) The contributions of a member to the retirement system to February 1, 1965, shall be 5% of the member’s compensation. From and after January 31, 1965, to November 1, 1968, the contributions of a member shall be 6% of the member’s compensation. From and after October 31, 1968, the contributions of a firefighter member shall be 7% of the firefighter member’s compensation; from and after July 1, 1980, the contributions of a firefighter member shall be 7.5% of that member’s compensation. From and after July 1, 1981, the contributions of a firefighter member shall be 8% of his or her compensation. From and after October 31, 1968, to June 22, 1973, the contributions of a police officer member shall be 7% of his or her compensation; and from and after June 21, 1973, the contributions of a police officer member shall be 8% of his or her compensation. From and after January 1, 1980, the contribution of a police officer member who is a police sergeant, police lieutenant, or police captain shall be 9.5% of his or her compensation and 8% of his or her compensation effective January 1, 1982. From January 1, 1984, through December 31, 1984, the contribution of a firefighter member shall be 6% of his or her compensation; provided, however, from and after January 1, 1985, the contribution of a firefighter member shall be 8% of his or her compensation. From and after July 1, 2004 the contribution of a police officer member shall be figured as a pre-tax contribution. From and after July 1, 2004, a police officer member shall pay 13% to the pension fund. From and after July 1, 2005, a police officer member shall pay 11.5% to the pension fund. From and after July 1, 2004, the contribution of a firefighter member shall be figured as a pre-tax contribution. From and after September 1, 2004, the contribution of a firefighter member shall be 9% of his or her compensation. The officer or officers responsible for making up the payroll shall cause the contribution to be deducted from the compensation of each member on each and every payroll period, so long as he or she remains a member of the system.
(C) The 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. Payment of the member’s compensation less said deduction for the member’s contribution shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the service rendered by the member during the period covered by such payment, except as to benefits provided by this chapter. The contributions provided for herein shall be credited to the individual Member’s Deposit Fund account of the member from whose compensation said deduction was made.
(D) In addition to the contributions deducted from the compensation of a member, as hereinbefore provided, he or she shall deposit in the Member’s Deposit Fund, by a single contribution or by an increased rate of contribution as approved by the Board of Trustees, the amount or amounts the member might have withdrawn therefrom, together with regular interest 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 the member withdrew his or her accumulated contributions until there is repaid to the Member’s Deposit Fund all amounts due the fund by him or her.
(E) Upon a member’s retirement, his or her accumulated contributions shall be transferred from the Member’s Deposit Fund to the Pension Reserve Fund. At the expiration of a period of four years from and after the date an employee ceases to be a member, any balance of accumulated contributions standing to his or her credit in the Member’s Deposit Fund, unclaimed by the member or his or her estate, shall be transferred to the Income Fund.
(F) Effective July 1, 1983, and thereafter, division (D) above shall cease to apply to firefighter members. From and after July 1, 1983, should any firefighter member cease to be employed by the city as a firefighter and withdraw his or her accumulated contributions from the Member’s Deposit Fund and later be re-employed by the city as a firefighter as provided by this chapter, he or she shall within four years from the date of his or her re-employment with the city, deposit in the Member’s Deposit Fund, by a single contribution only, the amount or amounts he or she might have withdrawn therefrom, together with regular interest from the date of withdrawal to the date of repayment; subsequent changes to the contrary notwithstanding. Failure to repay withdrawn accumulated contributions within four years of re-employment shall constitute a permanent forfeiture of credited service represented by the withdrawn accumulated contributions. Effective July 1, 1994, and thereafter for firefighter members and July 1, 1996, and thereafter for patrol members, there shall be no time limit for repayment to the Member’s Deposit Fund. Said contribution shall be in addition to the contributions deducted from the compensation of a member as hereinbefore provided. 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 there is repaid to the Member’s Deposit Fund all amounts due the fund by him or her.
(G) Effective September 19, 1984, the foregoing provisions of division (F) above shall apply to a police officer member who was a police sergeant, police lieutenant, or police captain on September 19, 1984.
(Prior Code, § 16.24) (Ord. D-678, passed 1-18-1965, effective 2-1-1965; Ord. D-1592, passed 6-19-1989, effective 6-29-1989; Ord. D-1737, passed 3-20-1995, effective 3-30-1995; Ord. D-1856, passed 7-24-2000, effective 8-3-2000; Ord. O-51, passed 8-7-2006, effective 8-17-2006)