The teachers' retirement association is continued. Its membership shall consist of the following:
1. All teachers.
2. All transferred contributors.
3. Notwithstanding any inconsistent provision of sections 13-267 and 13-379 of this chapter, or any other provision of this chapter, or the code, or any other law, a teacher, as defined in this chapter, who files with the board a statement duly executed and acknowledged consenting for the period of his or her active membership in this retirement association to the suspension of all present benefits provided wholly or partly by the city through any other retirement system or pension fund and consenting and agreeing to membership and to the deductions for annuity purposes prescribed in this chapter. Upon the subsequent retirement of such person from this retirement system, he or she shall receive benefits based on city service not included in the service upon which his or her retirement allowance or pension from such other retirement system or pension fund is or would be based, and, upon such subsequent retirement, payment of the benefits provided through such other retirement system or pension fund, which had been suspended, shall be resumed.