(a) The various obligations of the system must 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 calculate 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) Each employee who is a member of the Government Employee's Retirement System shall contribute a percentage of compensation as follows:
(1) Regular members must pay a rate of 8.5% of his compensation.
(2) Any police officer, eligible employee with the Virgin Islands Water and Power Authority, firefighter, including a firefighter or police officer employed by the Virgin Islands Port Authority, Virgin Islands marshal and probation officer of the Superior Court, or corrections officer must pay a rate of 10.625% of his compensation.
(3) The employer shall contribute an amount paid upon a percentage of employees' compensation of 17.5% after October 1, 2007.
(c) The employee contribution must be made in the form of a deduction from compensation, and must be made notwithstanding that the compensation paid in cash to the 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 the employee of compensation less the deduction shall constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by the employee during the period covered by the payment, except as to the benefits provided under this chapter.
(e) A computation must be made biannually 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 that, together with the member's contributions and the income of the system, will be sufficient to provide adequate actuarially-determined reserves for the annuities and benefits herein prescribed.
(g) The employer shall contribute the amount of its employee's compensation as shall be determined by the Board of Trustees beginning with the first pay period thirty days after the enactment of this chapter.
(h) The employer and employee contributions must be paid into the system within ten days of each payroll period.
(i) The amounts contributed by the employer on behalf of an employee may not be considered as the employee's contributions for any purpose.
(j) The employer shall, in addition to any other contributions and payments to the system required by law, contribute to the system the sums as may be required to compensate the system for the costs of any special early retirement program. The system may refuse to pay any special early retirement entitlement claims if the employer fails to pay the contribution to the special early retirement program.
(k) The system may not pay benefits to an employee unless his and the employer's contributions adequately financed benefits and related costs provided under this chapter.