In the event that any member of the fire and police pension systems of the City to whom the cost of living benefit is applicable shall, at an election held for that purpose, elect to transfer to the California Public Employees Retirement System, then all moneys paid into the fire and police pension cost of living fund by such member shall be transferred to the Board Administration, California Public Employees Retirement System. (Ord. 4624-NS § 2, 1973: Ord. 4490-NS § 7, 1970)