(a) Each member of the Fund shall contribute 2.85 percent of the salary earned and accruing to such member subsequent to the operative date. Beginning 1 October 1981, each member of the Fund shall contribute to the Fund each fund-year 3 percent of compensation earned and accruing to each member during that year. This contribution shall be made as a deduction from salary and applies only to income earned during regular working hours. Income earned on overtime is not subject to this contribution.
(b) Every employee who is a member of the Fund shall be deemed to consent and agree to the deduction from salary, and payment to such employee of salary less such deduction shall constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such employee during the period covered by such payment, except as to the benefits herein provided.History: 1971, PL 12-29 § 13; 1972, PL 12-48 § 4; 1981, PL 17-28 § 5; amd 1987, PL 20-17§ 1.
Amendments: 1987 Subsection (a): added “, and applies only to income earned during regular working hours. Income earned on overtime is not subject to this contribution”.