Any member of the retirement system who elects pursuant to this article to make contributions and receive credit as service for time for which he or she claims credit because of such prior public service shall contribute to the retirement system, by lump sum payment or by installment payments to be deducted from his or her payroll over a period not to exceed five years, an amount equal to the sum of:
A. Twice the contributions he or she would have made to the retirement system if he or she had been a member during the same length of time as that for which he or she has elected to receive credit as service, computed in the manner set forth in Section 2.124.1620 of this chapter; plus
B. The interest which would have accrued to such member's contributions if they had been made on the date used to determine on what earnable compensation contributions pursuant to this section shall be based, from that date until the completion of payment of those contributions, computed at the current interest rate applicable to the city retirement system. (Prior code § 34.08.801)