Following the election by the member to take credit for a period of prior governmental service, the retirement system manager shall:
A. Adjust the normal rate of contribution of such member to reflect the period of prior governmental service for which he or she has elected to gain credit. The adjustment shall be made substantially as follows:
1. The age of the member on the effective date of his or her entry into the system (rounded to the nearest month) shall be reduced by the number of months of prior governmental service for which such member produced by the reduction set forth above, and shall be known as his or her "adjusted age of entry into membership."
2. The rate of contribution of such member shall thereafter be computed in the manner set forth in the provisions for Articles III, IV, V or VI of this chapter applicable to his or her contribution rate under the appropriate chapter using such adjusted age of entry into membership as the actual age of the member upon the date when he or she entered the system.
B. Calculate the credit, if any, which would result in favor of the member from the adjustment of such member's age of entry into the system. Such credit shall be the difference between:
1. Contributions actually made by the member to the system between the date of entry into the system (without regard to prior credit) and the date of such election; and
2. Contributions which would have been made by such member under the adjusted rate between the date of entry (without regard to prior credit) and the date of such election above.
C. Calculate the payment required under Section 2.124.1610 of this chapter on the basis of the adjusted rate of contributions applied to the period of prior service for which the member has elected to gain credit.
D. Reduce the contribution required of the member under Section 2.124.1610 of this chapter to gain credit for prior service, by an amount equal to the credit for overpayment of contributions, together with interest thereon at the normal rate of interest, as is produced by the calculation set forth in the preceding subsection B of this section. (Prior code § 34.08.802)