Any member described in Section 2.124.1320 of this chapter who has completed at least five years of service in the aggregate shall have the right to elect, within ninety (90) days after said termination of service, or if the termination was by lay-off, and if such member is continuously laid off for a period of one hundred eighty days (180), then within ninety (90) days after the one hundred eightieth day, to allow his or her accumulated contributions to remain in the retirement system for purposes of obtaining a deferred retirement. Failure to make such election shall be deemed an irrevocable election to withdraw his or her accumulated contributions. If said member elects to allow his or her accumulated contributions to remain in the retirement system he or she may revoke said election at any time prior to deferred retirement and receive a refund of his or her accumulated contributions in the manner provided by Section 2.124.1320 of this chapter. (Prior code § 34.06.636)