The director of finance shall compute and take the necessary steps to collect amounts due from each officer and employee under the provisions of section 22-21. Officers and employees entitled to withdraw their accumulated contributions to the abolished retirement system as provided under section 22-1(9) [of the 1953 Code], may discharge their liability under section 22-21, in whole or in part, by filing with the board of trustees, established by section 22-2 [of the 1953 Code], an assignment in writing, in such form as shall be deemed legally sufficient by the city attorney, authorizing and directing the director of finance to transfer and apply all or such portion thereof as may be necessary of the amount standing to their credit in trust fund A established by section 22-1(8) [of the 1953 Code]. Such board of trustees is hereby authorized and directed to convert such portion of the assets of the abolished system credited to fund A as may be necessary to effect the payment of the amounts so assigned; and the director of finance is hereby authorized and directed to transfer the same to the general fund of the city, together with such other amounts as may he collect directly form such officers and employees in discharge of the liability imposed under the provisions of section 22-21, to be disbursed therefrom in accordance with the provisions of section 22-17.
(1953 Code, ch. 20, ยง 32)