(a) The various obligations of the System shall be financed in accordance with actuarial reserve requirements from contributions by members, contributions by the employer, interest income, and other income accruing to the System. From time to time, the Board may actuarially determine the rate of contribution for members and employers of the System. After October 1, 2005, the System may not provide any increases in benefits to members or beneficiaries, unless the administration has identified a specific funding source and concurrently makes a provision for the funding of all future benefit improvements on sound actuarial basis in the annual budget.
(b)
| (1) until July 1, 1971 | 4.00% |
| (2) after July 1, 1971 | 5.00% |
| (3) after July 1, 1972 | 6.00% |
| (4) after April 1, 1990 | 7.00% |
| (5) after April 1, 1991 | 8.00% |
(c) The employee contribution shall be made in the form of a deduction from compensation, and shall be made notwithstanding that the compensation paid in cash to such employee shall be reduced thereby below the minimum prescribed by law.
(d) Every employee who is a member of the System shall be deemed to consent to the deduction made from his compensation, and payment to such employee of compensation 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 provided under this chapter.
(e) A computation shall be made bi-annually of the actuarial reserve requirements for the several annuities and benefits provided in this title for members and the beneficiaries for services rendered, and to be rendered, by the members.
(f) The employer shall make contributions which together with the members' contributions and the income of the system will be sufficient to provide adequate actuarially determined reserve for the annuities, benefits and administration of the System herein prescribed.
(g) The employer shall contribute an amount paid upon a percentage of employees compensation for pay periods starting:
| (1) before July 1, 1968 | 4.00% |
| (2) after July 1, 1968 | 4.80% |
| (3) after July 1, 1969 | 5.76% |
| (4) after July 1, 1970 | 6.81% |
| (5) after July 1, 1971 | 8.21% |
| (6) after July 1, 1972 | 9.60% |
| (7) after July 1, 1974 | 11.00% |
| (8) after April 1, 1990 | 12.00% |
| (9) after April 1, 1991 | 13.00% |
| (10) after April 1, 1992 | 14.00% |
| (11) after April 1, 1993 | 14.50% |
| (12) after October 1, 2007 | 17.5% |
(h) Barring any unforeseen circumstances the employer and employee contributions shall be paid to the System within ten working days after the pay date. Any payment not made within the ten working days, must also include regular interest covering the time period that the payment remains unpaid.
(i) The amounts contributed by the employer on behalf of an employee shall not be considered as the employee's contributions for any purpose such as, but not limited to, the refund and loan provisions of this chapter.
(j) The employer shall, in addition to any other contributions and payments to the System required by law, contribute to the System such sums as may be required to compensate the System for the costs of any special early retirement program.
(k) The employer shall pay to the System the total cost of any special, early retirement program in advance of the commencement of the early retirement program. If the employer is in default of payment for any prior special, early retirement program, the System may not distribute any special early retirement benefits from any additional special, early retirement program until full payment for the previous special early retirement program is made.
(l) The System shall not pay benefits to an employee unless his and the employer's contributions adequately finance benefits and related costs provided under this chapter.