If the employees of the City are required by law or by any amendment or ruling having the force of law to accept coverage under any Federal or State annuity pension retirement or old age security system, and if the City and/or the employees of the City are required to make contributions or be subject to payroll taxes in support of such Federal or State annuity pension retirement or old age system, then all benefits of whatever nature contained in this chapter accrued or accruing to members or beneficiaries of the retirement system, including the right to the refund of a member's contributions in the Annuity Savings Fund, shall be modified in such manner and according to such procedure as is provided by law.
(1979 Code Sec. 2.80.370)