Section 13-327. Contributions of improved benefits plan members and their use; annuity savings fund

a. (1) The annuity savings fund shall be  the  fund  in  which shall be accumulated deductions from the compensation of
  improved benefits plan members to provide for their annuities and  their
  withdrawal allowances.
    (2)  Upon  the  basis  of  the  tables  herein authorized, and regular
  interest,  the  actuary  of  such  board  shall   determine   for   each
  non-elective  improved  benefits  plan member (as defined in subdivision
  four-h  of  section  13-313  of  this  subchapter)  the  proportion   of
  compensation  which,  when  deducted  from  each  payment  of his or her
  prospective earnable compensation prior to his or  her  eligibility  for
  retirement  and  accumulated  at regular interest upon the attainment of
  the minimum period of service retirement elected by him or her, shall be
  computed to provide, at that  time,  an  annuity  equal  to  twenty-five
  seventy-fifths  of  the pension then allowable to him or her for service
  as a member. Such proportion of compensation shall be computed to remain
  constant.
    (3) The proportion of earnable compensation required to be applied  in
  making deductions from the compensation of an elective improved benefits
  plan  member (as defined in subdivision four-g of section 13-313 of this
  subchapter) shall be computed  as  provided  for  in  subdivision  i  of
  section 13-315 of this subchapter.
    (4)  In  any  case  where the membership of any improved benefits plan
  member is terminated and he or she thereafter acquires a status whereby,
  under the applicable  provisions  of  this  subchapter,  he  or  she  is
  required  to  make  member  contributions  as  an improved benefits plan
  member consisting of a proportion of his or  her  earnable  compensation
  (before  reduction on account of any program for increased-take-home-pay
  in effect) other than the proportion of his or her earnable compensation
  (before reduction on account of any such  program)  which,  before  such
  termination  of  membership, was required to be deducted from his or her
  earnable compensation as his  or  her  member  contributions,  such  new
  proportion  of  his or her earnable compensation required to be deducted
  as his or her member contributions as an improved benefits  plan  member
  shall  be  fixed  pursuant  to  the  provisions of paragraph two of this
  subdivision  a  and  such  subsequent  required  deductions   from   the
  compensation  of  such  member  shall  be  made on the basis of such new
  proportion of his or her earnable compensation.
    b. Such board shall certify to the commissioner who shall deduct  from
  the compensation of each improved benefits plan member on each and every
  payroll of such member for each and every payroll period, the proportion
  of  his  or  her earnable compensation so computed. Such board shall not
  certify nor shall  the  commissioner  make  any  deduction  for  annuity
  purposes  from  the compensation of an improved benefits plan member who
  elects not to contribute if his or her total service is  such  as  would
  entitle  a  new entrant to retire for service on a pension not less than
  seventy-five per  cent  of  one-half  of  his  or  her  annual  earnable
  compensation  on  the  date  of  retirement.  In  determining the amount
  earnable by an improved benefits plan member in a payroll  period,  such
  board  may  consider  the rate of compensation payable to such member on
  the first day of  the  payroll  period  as  continuing  throughout  such
  payroll  period and such board may omit deductions from compensation for
  any period less than a full payroll period if such an employee was not a
  member on the first day of the  period.  To  facilitate  the  making  of
  deductions,  such  board  may  modify the deduction required by any such
  member of such amount as shall not exceed one-tenth of one per  cent  of
  the  compensation  upon the basis of which such deduction is to be made.
  The deductions provided herein shall be made  notwithstanding  that  the

  minimum  compensation  provided  by  law  for any improved benefits plan
  member shall be reduced thereby. Every  improved  benefits  plan  member
  shall be deemed to consent and agree to the deductions made and provided
  for  by  the  applicable provisions of section 13-315 of this subchapter
  and/or this section and shall receipt in full for his or her  salary  or
  compensation,  and  payment  less  such  deductions  shall be a full and
  complete discharge and acquittance of all claims and demands  whatsoever
  for  the  services  rendered by such person during the period covered by
  such payment, except his or her claim to the benefits to which he or she
  may  be  entitled  under  the  provisions  of   this   subchapter.   The
  commissioner  shall certify to the comptroller on each and every payroll
  the amounts to be deducted. Each of such amounts shall be  deducted  and
  when  deducted shall be paid into the annuity savings fund, and shall be
  credited, together with regular interest, to an  individual  account  of
  the  member  from whose compensation such deduction was made. The method
  of  computation  and  deductions  prescribed  by  this  subdivision  and
  subdivision  a  of  this  section shall be appropriately modified in the
  case of an improved benefits plan member for whom a  rate  is  otherwise
  fixed pursuant to section 13-326 of this subchapter.
    c.  In addition to the computed deductions, any improved benefits plan
  member may elect to contribute at a rate fifty percentum  in  excess  of
  that  heretofore  provided,  for  the  purpose  of purchasing additional
  annuity.  In  computing  the  amount  of  such   additional   rate   any
  modification  of  the  normal  rate  pursuant  to section 13-326 of this
  subchapter shall be disregarded. These additional contributions shall be
  credited to  the  annuity  savings  fund  with  regular  interest.  Such
  additional  contributions  shall  not  enter  into  the  computation for
  allowance on ordinary disability  retirement  as  described  in  section
  13-352  of this subchapter. A member may elect to discontinue his or her
  additional contributions at any time.
    d. In  addition  to  the  deductions  from  compensation  hereinbefore
  provided, any improved benefits plan member may redeposit in the annuity
  savings  fund  by  a  single payment an amount equal to the total amount
  which he or she  withdrew  previously  therefrom  as  provided  in  this
  subchapter.  Such  amount so deposited shall become a part of his or her
  accumulated  deductions.  The  accumulated  deductions  of  an  improved
  benefits  plan  member withdrawn as provided in this subchapter shall be
  paid out of the annuity savings fund. Upon  retirement  of  an  improved
  benefits  plan  member,  his  or  her  accumulated  deductions  shall be
  transferred from such fund to the annuity reserve fund.