A. The council hereby finds and determines:
1. That certain employees of the city transferred to the county have heretofore elected to remain members of the city employees' retirement system, pursuant to code;
2. That some of such employees now wish to rescind their election to remain members of the city employees' retirement system and to cease membership in the system with withdrawal of their employee contributions as credited in the system;
3. Based on the advice and recommendation of the retirement board, it is determined that allowing the withdrawal of such members would result in economic benefits to the retirement system and that it is therefore in the best interest of the city as well as the members of the system and those employees transferred to the county who now wish to withdraw from the system, to allow such withdrawal.
B. Any member of the city retirement system who has been transferred to the county and who has elected to remain a member of the city system pursuant to the provisions of this chapter may elect, once and irrevocably, at any time prior to death or retirement for service or disability, to rescind his or her election to remain a member of the city retirement system, and to receive a return of his or her contributions. No such member shall be allowed, however, to terminate his or her membership in the city retirement system and at the same time leave his or her contributions in the system.
C. Any interpretation of construction of this article and the City Charter inconsistent with this section is disapproved and waived on the part of the city and the city employees' retirement system based on the finding herein contained that it is to the economic benefit of the city and the city employees' retirement system to enact the provisions of this section. (Prior code § 34.07.709)