(2) If he or she had not served the period of service elected by him or her or is under the minimum service retirement age elected by him or her, he or she shall again become a member of the pension system. Except as otherwise provided in paragraph three of this subdivision a, if he or she has served the minimum period of service elected by him or her or has attained the minimum service retirement age elected by him or her he or she may file a duly executed and acknowledged application therefor within ninety days after his or her return to service and thereupon again become a member of such fund.
(3) In the case of any such beneficiary who is appointed police commissioner or a deputy police commissioner, he or she shall again become a member of the pension system and shall remain such a member while serving as police commissioner or deputy police commissioner.
(4) The annuity reserve of any such member whose membership is restored as above provided in this section shall be transferred to his or her credit in the annuity savings fund, and he or she shall contribute to such fund as if he or she were a new entrant.
(5) Upon the subsequent retirement of any such member whose membership is so restored, he or she shall be credited with all his or her service as a member subsequent to his or her last restoration to membership, and shall receive a retirement allowance therefor as if he or she were a new entrant, payable in such form as he or she shall select under section 13-261 of this subchapter.
(6) In lieu of suspension during restoration to city-service of any benefits payable in the event of his or her death by reason of any optional selection in respect to his or her pension and the pension-providing-for-increased-take-home-pay, if any, a beneficiary may pay to the fund or funds from which his or her ordinary pension and his or her pension-providing-for-increased-take-home-pay, if any, were payable, the amount by which his or her ordinary pension and the pension-providing-for-increased-take-home-pay, if any, exceeded the optional pension and the pension-providing-for-increased-take-home-pay, if any, heretofore granted to him or her, in which event such optional benefit shall continue and be payable in the event of his or her death as though no payment were suspended.
(7) In addition, upon his or her subsequent retirement, he or she shall receive the pension and the pension-providing-for-increased-take-home-pay, if any, which he or she was receiving or entitled to receive immediately prior to his or her last restoration.
b. (1) Subject to the provisions of paragraph two of this subdivision, where any beneficiary mentioned in subdivision a of this section, other than a beneficiary serving as police commissioner or deputy police commissioner, shall have earned at least five years of member credit for service in the police force after restoration to active service, and where any beneficiary serving as police commissioner or deputy police commissioner shall have earned at least three years of member credit for service during restoration to membership pursuant to this section, the total service credit to which he or she was entitled at the time of his or her earlier retirement may, at his or her election, again be credited to him or her and upon his or her subsequent retirement he or she shall be credited in addition with all member service earned by him or her subsequent to his or her last restoration to membership.
(2) Such total service credit to which he or she was entitled at the time of his or her earlier retirement shall be credited as provided in paragraph one of this subdivision b only in the event that he or she returns to the pension fund with regular interest the actuarial equivalent of the amount of the retirement allowance he or she received; provided, however, that in the event that such amount is not so repaid, the actuarial equivalent thereof shall be deducted from his or her subsequent retirement allowance.