Part 7 — MEMBER CONTRIBUTIONS

All members of the system shall be required to make normal monthly contributions to the system. The normal monthly contribution which shall be required of a member for each month from and after July 1, 1971, shall be a percentage of the compensation earned by him in such month. Said percentage, for normal contribution purposes, shall be the same for all members, regardless of their age or sex. Said percentage is hereinafter referred to as the member's "normal rate of monthly contribution."

(Prior code § 2904.72.)

On and after the effective date of this section, the provisions of this Part 7 shall no longer apply to any person to whom the provisions of Part 8 of Chapter 3.24 thereafter B. apply.

(Prior code § 2904.83a.)

The normal rate of monthly contribution required of a member on or after July 1, 1971, or on or after the date he enters the system if he enters after July 1, 1971, shall be such that the amount of normal monthly contributions paid by him, when added to all normal monthly contributions paid by other members of the system for the same period, will be sufficient to pay 3/11ths of the cost of all pensions and other benefits which are or will become payable to members on account of current service rendered by members on and after July 1, 1971; provided and excepting, however, that whenever a normal rate of monthly contribution for members is adopted or from time to time amended, the new or amended rate shall not include any amount designed to thereafter recover from members or return to members the difference between the amount of normal contributions therefore actually required of members and any greater or lesser amount which, because of amendments to the system changing the time at which members may retire, or changing the benefits members will receive, or as a result of experience under the system, said members would have theretofore been required to pay in order to make their normal contributions equal to 3/11ths of the cost of all pensions and other benefits which are or will become payable to members on account of current service rendered prior to the effective date of the new or amended rate.

(Prior code § 2904.73.)

A.

Until amended or revised by the board in accordance with Section 3.24.170, the normal rate of monthly contribution required of members on and after July 1, 1971, shall be three and eighty-five one-hundredths

percent of earned compensation.

B.

The normal rate of monthly contribution set forth in this section is based on the interest and mortality tables used by this retirement system on July 1, 1971, and subject to other provisions of this part, shall be adjusted by the board from time to time, in accordance with the provisions of Section 3.24.170.

(Prior code § 2904.73a.)

Subject to rules prescribed by the board, any member may elect to make contributions in excess of his normal contributions for the purpose of providing additional benefits. The exercise of this privilege by a member does not require the city to make any additional contributions. Upon application, the board shall furnish information concerning the nature and amount of additional benefits to be obtained from additional contributions.

(Prior code § 2904.77.)

The actual amount of annuity receivable by a member upon retirement shall be the actuarial equivalent of his accumulated contributions.

(Prior code § 2904.76.)

A member who, because of his employment by the city, is required to become a member of any other retirement system supported in whole or in part by public funds shall, with respect to his right to withdraw his accumulated contributions, be considered as permanently separated from city service.

(Prior code § 2904.78.)

If the city service or membership herein of a member is discontinued, except by death on account of which a death benefit is payable or by retirement, he shall, six months after date of discontinuance, termination or resignation, be paid such part of his accumulated contributions as he demands, except that if he is credited with less than five hundred dollars in accumulated contributions, or with a greater amount, and has not elected to allow it to remain in the retirement fund and, in the opinion of the board, is permanently separated from city service by reason of such discontinuance, he shall be paid forthwith all of his accumulated contributions.

(Prior code 3.24.660 § 2904.79.)

Upon a member's reentry into the retirement system on and after July 1, 1971, at reinstatement from service or disability retirement, his normal rate of monthly contribution shall be the same as that of other members.

(Prior code § 2904.74.)

The board may withhold, for not more than one year after a member last rendered city service, all or part of his accumulated normal contributions if after a previous discontinuance of city service he withdrew all or a part of his accumulated normal contributions and failed to redeposit such withdrawn amount in the retirement fund.

(Prior code § 2904.80.)

A member may redeposit in the retirement fund, in one sum or in not to exceed thirty-six monthly or seventy-two semimonthly payments:

A.

An amount equal to the accumulated contributions that he has withdrawn at one or more terminations of service, but in reverse chronological order in which they occurred, and subject to minimum payments fixed by the board; and

B.

An amount equal to additional interest which would have been credited to his account at the date of the election, had such contributions not been withdrawn; and

C.

If he elects to redeposit in other than one sum, interest on the unpaid balance of the amount payable to the retirement fund, beginning on the date of such election, at the rate of interest currently being used from time to time under the system.

(Prior code § 2904.81.)

If upon a member's reentry into the system on or after July 1, 1971, he redeposits his accumulated contributions, his membership is the same as if it were unbroken by such termination. His normal rate of monthly contribution for future years shall be the same as that of other members.

(Prior code § 2904.82.)

Upon reentering this system on or after July 1, 1971, after a termination of his membership, if a member fails to elect within not more than thirty days after the date upon which notice of the right to redeposit is mailed by this system to the member's latest address on file in the office of this system, to make, or having so elected, subsequently does not make such redeposit, he reenters as a new member without credit for any service except the service rendered before he first became a member, credited to him before termination, and his normal rate of monthly contribution for future years is the same as that of other members.

(Prior code § 2904.83.)