§ 62-207. Employee's contribution reserve.

(a)

The employee's contribution reserve, formerly called annuity savings fund, 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 made refunds and transfers of accumulated contributions, as provided in this division. The contributions by a member to the retirement system shall be 5.5 percent of the compensation paid him by the city.

(b)

The officer responsible for preparing the payroll shall cause the contributions provided 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. Each of such amounts, when deducted, shall be paid to the retirement system and, when so paid, shall be credited to the individual employee's contribution reserve account of the member from whose compensation such deduction was made. The members' contributions provided for in this division shall be made notwithstanding that the minimum compensation provided by law for any member shall be thereby changed. Each member shall be deemed to consent and agree to the deductions made and provided for in this division. Payment of his compensation less such deductions shall be a full and complete discharge and acquittance of all claims and demand whatsoever for service covered by such payment, except as to benefits provided by the retirement system.

(c)

A member who is employed in the water department shall have the right to deposit in the employee's contribution reserve such amounts as he would have deposited during the period of his employment with the West Palm Beach Water Company from September 30, 1946, to the date the water department employees become covered by the retirement system. Such deposits shall be made according to such rules and regulations as the board shall from time to time adopt.

(d)

Upon the retirement of a member his accumulated contributions shall be transferred from the employee's contribution reserve to the retirant's benefits reserve. At the expiration of a period of three years from the date he ceases to be a member any balance of accumulated contributions standing to his credit in the employee's contribution reserve, unclaimed by him or his legal representative, shall be transferred to the income fund; provided that he does not have entitlement to a retirement allowance payable by the retirement system.

(Code 1979, § 2-314.1.32)