This article is enacted to implement the provisions of former (1976) Charter Section 374. Persons who shall be in the employ of the city on January 1, 1977 and who, upon such date, are members of the equal shares retirement plan of the retirement system under the provisions of former (1976) Charter Section 302 et seq., shall retain their membership in the retirement system subject to the following provisions of this article and subject to the exercise of the option specified in Section 2.124.540 of this chapter. The term "member," as used in this article, shall be construed to mean persons who are members of the equal shares retirement plan of the retirement system under the provisions of former (1976) Charter Section 302 et seq., as those provisions are now set forth in this article. (Prior code § 34.05.500)