(a) The Members Deposit Fund is hereby established. 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 and transfers made as provided in this chapter.
(b) The contributions of a member to the Employees Retirement System shall be the sum of three percent of the maximum annual compensation subject to the terms of the Federal Social Security Act, plus five percent of the portion, if any, of the employee's compensation in excess of that subject to the Federal Social Security Act.
(c) The officer responsible for making up the payroll shall cause the contributions provided for in this section to be deducted from the compensation of each member on each and every payroll, for each and every payroll period, from the date of his or her entrance into the Retirement System to the date his or her membership terminates or to his or her attainment of seventy years of age, whichever occurs first. The member's contributions provided for in this section shall be made notwithstanding that the minimum compensation provided by law for any member shall be thereby changed. Every member shall be deemed to consent and agree to the deductions made and provided for in this section, 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 to the City 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 the contribution to be deducted from the compensation of each member for each and every payroll. Such amount shall be deducted by the City Treasurer and when deducted shall be paid to the Retirement System and credited to the member's individual account in the Members Deposit Fund.
(d) In addition to the contributions deducted from the compensation of a member hereinbefore provided, a member shall deposit in the Members Deposit Fund, by a single contribution or by an increased rate of contribution, as the Board of Trustees shall determine, the amount he or she may have previously withdrawn from and not repaid to the Members Deposit fund, together with regular interest from the date of withdrawal to the date of repayment.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 he or she withdrew his or her accumulated contributions until he or she pays to the Members Deposit Fund all amounts due such Fund by him or her.
(e) Upon the retirement of a member, his or her accumulated contributions shall be transferred from the Members Deposit Fund to the Retirement 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 Members Deposit Fund, unclaimed by the member or his or her estate, shall be transferred to the Pension Reserve Fund, provided that he or she is not entitled to a deferred pension provided for in Section 297.15.
(1974 Code § 1.229)