Any eligible member who shall elect, pursuant to Section 2.124.1540 of this chapter to take the optional benefits provided by Section 2.124.1530 of this chapter, shall pay to the Sacramento city employees' retirement system certain contributions as follows:
A. If the eligible member has retired for service since July 1, 1970, and on or before August 16, 1972, his or her contributions shall be a sum equal to the total of the difference between the amount of contributions paid to the Sacramento County employees' retirement system between July 1, 1970, and the effective date of retirement for service under said county system, and the amount which he or she would have paid to the Sacramento city employees' retirement system had the eligible member been making contributions during that time to said city system as if he or she were a member of the equal shares plan, provided for in Article V of this chapter, based on the rate of compensation which he or she received by virtue of his or her employment with the county during said period.
B. If the eligible member has not retired for service upon the effective date hereof, upon making the election of the option as hereinbefore provided, his or her contribution shall be a sum equal to the difference between the amount of contributions paid to the Sacramento County employees retirement system between July 1, 1970 and the date on which the election of option is made and the amount which he or she would have paid to the Sacramento city employees' retirement system during said period if he or she had been employed by the city and had been a member of the equal shares plan provided for in Article V of this chapter, based on the rate of compensation which he or she received by virtue of his or her employment with the county, and shall thereafter, each month until such time as he or she retires for service, continue to make contributions to said city system on the same basis provided herein.
C. In the case of any eligible member to whose account any excess contributions have been credited under the provisions of Sections 2.124.1420 to 2.124.1510 of this chapter, the eligible member may, at his or her election, have such amounts credited against the contributions required of him or her pursuant to this section; provided, however, in the case of any person to whom subsection A of this section is applicable who is receiving an annuity based on the excess contributions credited to his or her account, the Sacramento city employees' retirement system shall be entitled to a credit against said excess contributions in an amount equal to the sum total of the amount per month payable to the eligible member as an annuity times the number of months in which such amount has been paid.
D. Any contributions which the eligible member is required to make under this section, except monthly contributions required under subsection B of this section, shall be payable upon the date of election as set forth in Sections 2.124.1530 and 2.124.1540 of this chapter, in a lump sum amount, except that the retirement system manager may provide that said contributions be paid in installments, with interest, as he or she sees fit.
E. Any eligible member making contributions as provided under subsection B of this section may elect to have said contribution be a sum equal to the difference between the amount of contributions paid to the Sacramento County employees' retirement system and the amount which he or she would pay to the Sacramento city employees' retirement system if he or she were employed by the city and were a member of the Section 399 plan. Said election shall be exercised by making an individual affirmative irrevocable election between the effective date of this chapter and December 27, 1977. The retirement system manager shall prescribe rules, regulations and procedures relating to the exercise of said election. (Prior code § 34.07.716)