§ 36-10.3-4. Member contributions.
(1) Each regular member shall contribute to the member's individual account in the plan
an amount equal to five percent (5%) of the member's compensation from July 1 to the
following June 30.
(2) Each public safety member not participating in Social Security under the Federal Old
Age, Survivors and Disability Income program, shall contribute to the member's individual
account an amount equal to three percent (3%) of the member's compensation from July
1 to the following June 30.
(3) Contributions by supplemental members shall
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§ 36-10.3-4. Member contributions.
(1) Each regular member shall contribute to the member's individual account in the plan
an amount equal to five percent (5%) of the member's compensation from July 1 to the
following June 30.
(2) Each public safety member not participating in Social Security under the Federal Old
Age, Survivors and Disability Income program, shall contribute to the member's individual
account an amount equal to three percent (3%) of the member's compensation from July
1 to the following June 30.
(3) Contributions by supplemental members shall be governed by § 36-10.3-6.
(4) The employer shall deduct the contribution from the member's compensation at the end
of each payroll period, and shall remit the contributions on the date contributions
are withheld but no later than three (3) business days following the pay period ending
in which contributions were withheld, and the contribution shall be credited by the
plan to the member's individual account. The contributions shall be deducted from
the member's compensation before the computation of applicable federal taxes and shall
be treated as employer contributions under 26 U.S.C. § 414(h)(2). A member shall not have the option of making the payroll deduction directly in cash
instead of having the contribution picked up by the employer.
(5) Contributions of employees shall be made by payroll deductions. Every member shall
be considered to consent to payroll deductions. It is of no consequence that a payroll
deduction may cause the compensation paid in cash to an employee to be reduced below
the minimum required by law. Payment of an employee's compensation, less payroll deductions,
is a full and complete discharge and satisfaction of all claims and demands by the
employee relating to remuneration of services during the period covered by the payment,
except with respect to the benefits provided under the plan.
(6) Additional voluntary member contributions may be permitted in accordance with this
section in such manner as determined in the discretion of the commission.
(7) Every employer is required to deduct and withhold member contributions and to transmit
same to the retirement system and is hereby made liable for the contribution. In addition,
any amount of employee contributions actually deducted and withheld shall be deemed
to be a special fund in trust for the benefit of the member and shall be transmitted
to the retirement system as set forth herein.