§5-10-29. Members' deposit fund; members' contributions;
(a) The members' deposit fund is hereby created. It shall be
the fund in which shall be accumulated, at regular interest, the
contributions deducted from the compensation of members, and from
which refunds of accumulated contributions shall be paid and
transfers made as provided in this section.
(b) The contributions of a member to the retirement system
(including any member of the Legislature, except as otherwise
provided in subsection (g) of this section) shall be a sum of not
less than three and five-tenths percent of his or her annual
compensations but not more than four and five-tenths percent of his
or her annual compensations, as determined by the board of
trustees. The said contributions shall be made notwithstanding
that the minimum salary or wages 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 herein. Payment
of a member's compensation less said deductions shall be a full and
complete discharge and acquittance of all claims and demands
whatsoever for services rendered by him or her to a participating
public employer, except as to benefits provided by this article.
(c) The officer or officers responsible for making up the
payrolls for payroll units of the state government and for each of
the other participating public employers shall cause the
contributions, provided in subsection (b) of this section, to be deducted from the compensations of each member in the employ of the
participating public employer, on each and every payroll, for each
and every payroll period, from the date the member enters the
retirement system to the date his or her membership terminates.
When deducted, each of said amounts shall be paid by the
participating public employer to the retirement system; said
payments to be made in such manner and form, and in such frequency,
and shall be accompanied by such supporting data, as the board of
trustees shall from time to time prescribe. When paid to the
retirement system, each of said amounts shall be credited to the
members' deposit fund account of the member from whose
compensations said contributions were deducted.
(d) In addition to the contributions deducted from the
compensations of a member, as heretofore provided, a member shall
deposit in the members' deposit fund, by a single contribution or
by an increased rate of contribution as approved by the board of
trustees, the amounts he or she may have withdrawn therefrom and
not repaid thereto, together with regular interest from the date of
withdrawal to the date of repayment. In no case shall a member be
given credit for service rendered prior to the date he or she
withdrew his or her contributions or accumulated contributions, as
the case may be, until he or she returns to the members' deposit
fund all amounts due the said fund by him or her.
(e) Upon the retirement of a member, or if a survivor annuity
becomes payable on account of his or her death, in either event his or her accumulated contributions standing to his or her credit in
the members' deposit fund shall be transferred to the retirement
(f) In the event an employee's membership in the retirement
system terminates and no annuity becomes or will become payable on
his or her account, any accumulated contributions standing to his
or her credit in the members' deposit fund, unclaimed by the said
employee, or his or her legal representative, within three years
from and after the date his or her membership terminated, shall be
transferred to the income fund.
(g) Any member of the Legislature who is a member of the
retirement system and with respect to whom the term "final average
salary" includes a multiple of eight, pursuant to the provisions of
subdivision (15), section two of this article, shall contribute to
the retirement system on the basis of his or her legislative
compensation the sum of $540 each year he or she participates in
the retirement system as a member of the Legislature.
(h) Notwithstanding any other provisions of this article,
forfeitures under the system shall not be applied to increase the
benefits any member would otherwise receive under the system.