(1) All sums deducted shall be transmitted to the state treasurer, and the state treasurer shall furnish the comptroller of the treasury, the commissioner of finance and administration and the board of trustees with a record of all such moneys.
(2) The amounts deducted shall be reported to the board of trustees.
(3) Each of such amounts, when deducted, shall be paid to the retirement system and credited to the individual account, in the members' fund, of the member from whose compensation the deduction was made.