Provided a member has not filed an election to vest under § 62-111, and 90 days has passed since member's employment was terminated, on termination of full-time employment, before a member has met the eligibility requirements for early retirement, a refund or a direct rollover, if elected, shall be made of all contributions paid into the fund by such member with interest compounded at the rate of 5% per annum. The member shall have 90 days from the date of termination of full-time employment to elect a direct rollover or a distribution by providing to the Board Administrator the appropriate form evidencing such election. The form shall be prepared by the Board Administrator and approved by the Board. Direct rollovers shall be administered in accordance with § 62-116. In the case of the member's death after his/her election and prior to the fund's distribution, such refund shall be paid to the member's designated beneficiary, or, in the absence of such designation, to the member's estate. Any member who leaves employment subject to the provisions of this part and is reappointed shall receive credit for prior years of service only by repaying to the fund the amount refunded by the fund with interest compounded at the rate of 5% per annum from the date of refund by the fund to the date of payment which shall be made within one year from the date of reappointment. In the event the payment is not made within the specified time limit, the right to obtain credit for prior years of service shall be lost for the applicable prior years' period and any repayments shall be refunded without interest.