§ 23-273. Annuity savings fund.

(a)

The annuity savings fund shall be a fund in which shall be accumulated contributions from the compensation of members to provide for their annuities. Contributions to and payments from the annuity savings fund shall be made as follows:

(b)

Beginning January 1, 1975 each employer shall cause to be deducted from the salary of each member on each and every payroll of such employer for each and every payroll period five and eighty-five hundredths (5.85) per centum of his total salary.

During the year 1976 and annually thereafter the consulting actuary shall recommend to the board of trustees the per centum amount of the employees contribution necessary to maintain the benefits and upon approval by the board, said per centum amount shall be deducted from each members salary, provided that the per centum adopted shall never be greater than that required by Social Security. The employees contribution shall be forwarded to the board of trustees twice monthly not later than ten (10) days following each pay period.

(c)

The deductions provided for herein shall be made notwithstanding that the minimum compensation provided for by law for any member shall be reduced thereby. Every member shall be deemed to consent and agree to the deductions made and provided for herein and shall receipt for his full salary or compensation, and payment of salary or compensation less said deductions shall be 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 as to the benefits provided under this division. The employer shall certify to the board of trustees on each and every payroll or in such other manner as the board of trustees may prescribe, the amounts to be deducted; and each of said amounts shall be deducted and when deducted shall be paid by the employer twice monthly into said annuity savings fund and shall be credited.

(Ord. No. 11027, § 8(1), 1-18-73; Ord. No. 11952, § 1, 3-6-75)