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95.867 Members' contributions -- Director of finance to deduct.

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95.867 Members' contributions -- Director of finance to deduct. Each active member shall contribute a sum equal to eight percent (8%) of current salary. <br>The director of finance of the city is hereby authorized to deduct such amount from the <br>salary of each active member in semimonthly installments. This contribution shall be <br>made as deduction from salary, notwithstanding that the salary paid in cash to such <br>member may be reduced thereby below the established statutory rate. Every member of <br>the fund shall be deemed to consent and agree to the deduction from salary as herein <br>provided, and shall receipt for his full salary, and payment to such member of salary less <br>such deduction shall constitute a full and complete discharge and acquittance of all claims <br>and demands whatsoever for the services rendered by such member during the period <br>covered by such payment, except as to the benefits herein provided. History: Amended 1974 Ky. Acts ch. 396, sec. 7. -- Created 1956 Ky. Acts ch. 16, sec. 17, effective July 1, 1956.