§ 70-166. Annuity savings fund created; deduction of contribution; transfer of funds of retired members.

(a)

The annuity savings fund is created. The annuity savings fund shall be the fund in which shall be accumulated, at regular interest, the contributions from the compensation of members to provide for their annuities. The contributions of a member shall be in accordance with the retirement plan under section 70-203.

(b)

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 so long as he remains a member in the employ of the city. Each of such amounts, when deducted by the officer responsible for signing city vouchers and checks, shall be paid into the funds of the retirement system and when so paid shall be credited to the individual annuity savings fund account of the member from whose compensation such deduction was made. The member's contributions, provided for in this article, shall be made notwithstanding that the minimum compensation provided for by law for any member shall be changed thereby. Each member shall be deemed to consent and agree to the deductions made and provided for in this article and shall receipt for the member's full compensation. Payment of the member's compensation less such deduction shall be made in full and complete discharge and acquittance of all claims and demands for payment, except as to benefits provided by the retirement system.

(c)

In addition to the contributions deducted from the compensation of a member, as provided in this section, any member may redeposit in the annuity savings fund, by a single payment or by an increased rate of contribution, an amount equal to the total amount or any part thereof which the member may have previously withdrawn therefrom as provided by the retirement system.

(d)

Upon retirement of a member, either the employee's accumulated contributions shall be transferred from the annuity savings fund to the annuity reserve fund or the employee may elect to withdraw the employee's annuity in a lump sum. At the expiration of a period of four years from the date an employee ceases to be a member, any balance of accumulated contributions standing to his credit in the annuity savings fund, unclaimed by such member, shall be transferred to the pension reserve fund unless such member has at least ten years of credited service and indicates to the board in writing, at time of separation, his intent to defer pension benefits as provided in section 70-239.

(Ord. No. 874, § 29, 6-28-1955; Code 1960, § 24-41; Ord. No. 2819, § 6, 10-23-1973; Ord. No. 91-08, § 1, 1-22-1991; Ord. No. 95-28, § 1, 4-11-1995; Ord. No. 2010-69, § 1, 12-14-2010; Ord. No. 2012-28, § 1, 5-22-2012)