If the present value of the total benefits which may be paid or payable under any worker's compensation or pension, or similar law, to a member or dependent of a member, on account of any disability or death, is less than the annuity reserve for benefits otherwise payable from the funds of the retirement system, then the present value of the total benefits which may be paid or payable under any worker's compensation or pension, or similar law, shall be deducted from the annuity reserve for benefits otherwise payable from funds of the retirement system. Such benefits as may be provided by the annuity reserve so reduced shall be payable under this chapter.
(1979 Code Sec. 2.80.220)