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Officers and employees of the Parking Authority of the City and County shall become members of the San Francisco City and County Employees' Retirement System under Section 8.509 on February 1, 1963, and thereupon shall be subject to all conditions applying to other members under that section inclusive of the provisions of Section 8.514 of the Charter, except as herein otherwise provided; provided, however, that members of such authority are excluded from the San Francisco City and County Employees' Retirement System.
Service rendered to the said Parking Authority by persons prior to becoming members under this section on February 1, 1963, shall be credited under the Retirement System to such persons, subject to the terms and conditions provided herein. Said service shall only be credited to each of such persons if he elect, by written notice, on a form provided by the Retirement System and filed in the office of the retirement board of said system prior to July 1, 1963, to receive credit for said service, and to pay into the retirement fund, at times and in the manner fixed by the Retirement Board, the following amounts:
(a) an amount equal to the normal contributions he would have contributed, had he been a member of the Retirement System under Section 8.509, during the period in which said service was rendered, on the basis of compensation paid to him by the City and County on account of said service and
(b) an amount equal to the interest which would have been credited to his account on account of such contributions from the date upon which they would have been made, to the date of payment of such contributions to the Retirement System; provided that any balance remaining unpaid at his retirement shall become due and payable forthwith. If any such person shall not so elect to receive credit for said service and to pay such amounts of contributions and interest, or having so elected, subsequently does not pay into the retirement fund such amounts at times and in the manner herein provided, and prior to February 1, 1963, he shall enter as a new member without credit for any of said service, any monies theretofore received from him as payment on such amounts together with accumulated interest thereon shall be refunded to him, and the rate of his contribution shall be the normal rate provided in Subsection (h) of Section 8.509 at his age on February 1, 1963, otherwise his rate of contributions shall be the rate provided in said Subsection (h) of Section 8.509 based on his age at the earliest date in the period for which said service is credited. Benefits, not provided by such amounts, granted to said persons on account of said service rendered prior to the effective date of membership under this section, shall be provided by contributions of the City and County.
Notwithstanding the foregoing provisions, any such officer or employee not already a member of the system and who is such an officer or employee on February 1, 1963, shall not become a member of the Retirement System, unless he elects to be a member of said system, in writing, on a form provided by the Retirement System and filed in the office of the Retirement System prior to July 1, 1963; if he does not so elect he shall not be a member of the Retirement System, and shall not be prevented from continuing in such employment by reason of the provisions of this section.