§ 62-100. Annuity savings fund.

(a)

The annuity savings fund shall be the fund in which shall be accumulated, at regular interest, the contributions deducted from the compensations of members to provide their annuities; and from which shall be made refunds and transfers of accumulated contributions as provided in this article.

(b)

Until December 1, 1965, a police officer or firefighter member's contributions to the retirement system shall be five percent of his compensation; from and after November 30, 1965, a police officer or firefighter member's contributions to the retirement system shall be seven percent of his compensation. From and after July 1, 1983, a police patrol member's contributions to the retirement system shall be five percent of his compensation, and a police command member's contribution to the retirement system shall be six percent of his compensation; from and after January 1, 1984, a police command member's contribution to the retirement system shall be four percent of his compensation; from and after July 1, 1984, a police patrol member's contribution to the retirement system shall be three percent of his compensation, a police command member's contribution to the retirement system shall be two percent of his compensation and the police chief's contribution to the retirement system shall be five percent of his compensation; from and after January 1, 1985, a police command member shall not contribute to the annuity savings fund; from and after July 1, 1985, a police patrol member shall not contribute to the annuity savings fund; and from and after January 5, 1987, the deputy police chief's contribution to the retirement system shall be five percent of his compensation. From and after November 27, 1989, a police patrol member hired or rehired shall contribute toward the retirement plan in the same manner as general city members of the plan, until they become vested, at which time their individual employee contribution shall cease. From and after September 17, 1990, a police command member's contribution to the retirement plan shall be 3.15 percent of his compensation and the police chief's and deputy police chief's contribution to the retirement plan shall be 8.15 percent of their compensation. From and after December 31, 1989, a police command member hired or rehired shall contribute toward the retirement plan in the same manner as general city members of the plan, until they become vested, at which time their individual employee contribution shall be 3.15 percent of their compensation. A general member's contribution to the retirement system shall be three percent of the first $4,800.00 of his annual compensation, plus five percent of the portion, if any, of his annual compensation in excess of $4,800.00.

(c)

From and after July 1, 1993, a police patrol member's contribution to the retirement system shall be 3.15 percent of his/her compensation. From and after April 1, 1994, the contribution to the retirement system of a general member who is not included in a labor agreement shall be six percent of his/her compensation. From and after May 4, 1994, a firefighter member's contribution to the retirement system shall be six percent of his/her compensation. From and after July 1, 1995, a firefighter member's contribution to the retirement system shall be five percent of his/her compensation. From and after July 1, 1996, a firefighter member's contribution to the retirement system shall be four percent of his/her compensation. From and after July 1, 1997, firefighter member's contribution to the retirement system shall be 3.5 percent of his/her compensation. From and after July 1, 1995, a police patrol member's contribution to the retirement system shall be four percent of his/her compensation. From and after July 1, 1995, a police command member's contribution to the retirement system shall be six percent of his/her compensation. From and after July 1, 1995, a deputy police chief's contribution to the retirement system shall be six percent of his/her compensation. From and after July 1, 1996, the contribution to the retirement system of a general member who is not included in a labor agreement shall be three percent of his/her compensation. From and after July 1, 1996, a deputy police chief's contribution to the retirement system shall be three percent of his/her compensation. From and after July 1, 1997, the contribution to the retirement system of a general member who is not included in a labor agreement and the deputy police chief shall be one percent of his/her compensation. From and after July 1, 1997, a deputy fire chief's contribution to the retirement system shall be two percent of his/her compensation. From and after July 1, 2002, a police command member and police patrol member's contribution to the retirement system shall be 6 percent of that member's total annual compensation.

(d)

The officer responsible for making up the payroll shall cause the applicable contributions to be deducted from the compensation of each member on each and every payroll, for each and every payroll period, so long as he is employed by the city. When deducted, the contributions shall be paid to the retirement system and shall be credited to the individual annuity savings fund account of the member from whose compensation such deductions were made. Every member shall be deemed to consent and agree to the deductions made and provided for in this section and payment of his compensation less the deductions shall be a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the member during the period covered by the payment, except as to benefits provided under this article. The members' contributions shall be made notwithstanding that the minimum compensation provided by law for any member shall thereby be changed.

(e)

In addition to the contributions deducted from the compensations of a member, as provided in this section, he shall deposit in the annuity saving fund, by a single contribution or by an increased rate of contribution as approved by the board, the amount, if any, he withdrew from the annuity savings 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 withdrew his accumulated contributions until he repays to the annuity savings fund all amounts due the such fund by him.

(f)

Upon retirement of any member, his accumulated contributions shall be transferred from the annuity savings fund to the retirement reserve fund. At the expiration of a period of three years from the date an employee ceases to be a member, any balance standing to his credit in the annuity savings fund, unclaimed by the member or his legal representative, shall be transferred to the income fund; provided, that no pension becomes or will become payable by the retirement system on account of his membership.

(Code 1971, § 24-60; Ord. No. 03-333, § 5, 2-3-03)