Upon retirement under the San Francisco City and County Employees' Retirement System, a teacher shall receive from said Retirement System a benefit which shall be the permanent fund benefit which such teacher had earned through June 30, 1972, as a member of the State Teachers' Retirement System as such benefit existed in Subdivision (a) of Section 14240 of the Education Code on June 30, 1972.
A teacher may elect to waive the benefit provided in the immediately preceding paragraph of this Section and to receive in lieu thereof a refund of the permanent fund contributions credited to his account with the San Francisco City and County Employees' Retirement System. Such election shall be made on a form prescribed by the Retirement Board and shall be filed at the office of the Retirement Board on or before December 31, 1974. Such election shall be irrevocable upon its being filed. A teacher who does not elect in accordance with the provisions of this paragraph to receive a refund of the permanent fund contributions credited to his account shall be entitled only to the benefit provided in the immediately preceding paragraph of this Section.
(Amended by Ord. 192-74, App. 4/18/74)