§ 516. Annuity savings fund; contributions and payments. The annuity\nsavings fund shall be the fund in which shall be accumulated the\ndeductions made from the compensation of contributors. Contributions to\nand payments from the annuity savings fund shall be made in the\nfollowing manner:\n 1. Each employer shall deduct from the compensation of each\ncontributor on each and every payroll of such contributor for each and\nevery payroll period subsequent to the date upon which such contributor\nbecame a member an amount equal to four per centum of such contributor's\nearnable compensation in the cases of teachers who last became members\non or before the thirtieth day of June, nineteen hundred forty-eight and\nfive per centum of earnable compensation in the cases of teachers who\nlast became members on or after the first day of July, nineteen hundred\nforty-eight except if membership is renewed upon restoration to active\nservice after retirement for disability, regular interest shall be\ncredited at the rate allowed to the member at the time his retirement\nfor disability last became effective. But no employer shall make any\ndeduction for annuity purposes from the compensation of a member who has\ncompleted at least thirty-five years of total service, or who has\nattained the age of sixty and completed at least twenty-five years of\ntotal state service, if such member elects not to contribute.\n 2. In determining the amount earnable by a contributor in a payroll\nperiod, the retirement board may consider the rate of compensation\npayable to such member on the first day of the payroll period as\ncontinuing throughout such payroll period, and it may omit deductions\nfrom compensation for any period less than a full payroll period if a\nteacher was not a contributor on the first day of the payroll period,\nand to facilitate the making of deductions, it may modify the deduction\nrequired of any contributor by such an amount as shall not exceed\none-tenth of one per centum of the compensation upon the basis of which\nsaid deduction is to be made.\n 3. a. In addition to the deductions from compensation hereinbefore\nrequired, any contributor may redeposit in the annuity savings fund by a\nsingle payment an amount equal to the total amount which he withdrew\ntherefrom as provided in this article, or he may deposit therein by a\nsingle payment an amount computed to be sufficient, together with the\nretirement allowance otherwise provided to provide for him a total\nretirement allowance of one-half of his final average salary upon\nsuperannuation retirement, or any member or annuitant may deposit\ntherein by a single payment an amount permitted so to be deposited by\nthe retirement board for the purpose of purchasing additional annuity,\nprovided that no such member or annuitant shall be permitted to purchase\na total additional annuity thereby in excess of one-half his final\naverage salary; such additional annuity shall afford the usual optional\nprivileges. Such additional amounts so deposited shall become a part of\nhis accumulated contributions.\n b. Notwithstanding anything to the contrary in this article, in\naddition to the deposits hereinbefore permitted by this subdivision, any\ncontributor to this system, who is actually on the payroll of a school\ndistrict or the state, may, for the purpose of purchasing additional\nannuity, deposit in the annuity savings fund once in any school year by\na single payment an amount not in excess of four per centum of his\nearnable rate of compensation for the school year immediately preceding\nthe date when such payment is made. Any such amount so deposited shall\nbe credited with regular interest and, on the basis of said rate of\ninterest, shall become a part of the contributor's accumulated\ncontributions in all respects including computation of benefits upon\nretirement.\n c. Any member by written notice duly acknowledged and filed with the\nretirement board before the first da
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