Persons who are miscellaneous members under this article shall have the option, to be exercised in writing, of becoming members of the retirement system under the provisions of Article III of this chapter. If such persons shall affirmatively exercise such option, then on and after the first day of the month next following such affirmative action, referred to hereinafter in this section as "effective date," they shall not receive any benefit or make any contribution under this article, but on and after such effective date shall be members of the retirement system and shall receive benefits on account of service rendered as members of the retirement system and shall make contributions on the same basis as persons who are members under Article III of this chapter. In addition to such benefits, a monthly pension shall be payable upon retirement for service to each person affirmatively exercising such option, such pension to be provided by contributions of the city and be the same percentage, regardless of the age of retirement of his or her monthly final compensation, for each year of service rendered by such person to the city prior to the first day of April, 1935, as the contributions of the member and the city are calculated to provide upon retirement at age sixty-five (65), for each year of service rendered as a member of the retirement system. The normal contribution required of each person affirmatively exercising such option shall be based on such person's nearest age at April 1, 1935, and within one year after such effective date, such person shall pay to the retirement system an amount sufficient to make the accumulated contributions credited under the retirement system to such person, equal to the amount which would have been credited had such person held membership in the retirement system under the provisions of Article III of this chapter from and after the first day of April, 1935, such payments to be made in a manner and at times, within such limit of one year, approved by the retirement system manager. (Prior code § 34.02.209)