The Retirement Board shall certify to the head of the proper office or department and the Controller the normal rate of contribution for each member provided for by Charter or this Code, and the amount of contributions provided for in Section 16.50 and Section 16.70-1 of this Code. The head of such office or department or the Controller shall apply such rate of contribution to all of his compensation to determine the amount to be contributed by each member, and shall furnish immediately to the Retirement Board a copy of each and every such payroll.
Each of such amounts shall be deducted by the Controller and shall be deposited by the Retirement Board in the Retirement Fund and shall be credited by the Retirement Board, together with regular interest, to the individual account of the member for whom the contribution was made. The Retirement Board, however, may accept cash payments by any member of amounts necessary to correct or adjust the contribution account of such member, the amount so accepted to be deposited and credited in the same manner as if deducted on a payroll and the Controller to be notified of such payment.
Every member shall be deemed to consent and agree to the contribution made and provided for by this Article, and shall receipt in full for his salary or compensation, and payment less such contribution 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 his claims to the benefits to which he may be entitled under the provisions of this Article.
(Amended by Ord. 65-65, App. 3/19/65; Ord. 326-00, File No. 001921, App. 12/28/2000)