Section 330. Participation by municipalities

a.  Every  municipality
  (exclusive of those maintaining a  local  pension  system  for  all  its
  policemen  and firemen) employing policemen and firemen must participate
  in  the  policemen's  and  firemen's   retirement   system,   and   such
  participation shall be irrevocable.
    b. A municipality maintaining a local pension system for its policemen
  and  firemen  may  elect to participate in the policemen's and firemen's
  retirement system upon the petition of sixty per centum of  the  members
  of  the  local  pension  system for policemen and firemen. Such election
  shall be exercised by the adoption of a resolution approved by its local
  legislative body and any other  body  or  officer  required  by  law  to
  approve  resolution of such local legislative body. Upon the filing of a
  certified copy of such resolution with the  comptroller,  such  election
  shall  be irrevocable, and the municipality shall become a participating
  employer. As of the date such participation is approved:
    1. The operation of such local pension system shall be discontinued.
    2. The existing pensioners and annuitants of such local pension system
  shall be continued and paid at their existing rates by  the  policemen's
  and firemen's retirement system.
    3.  Any cash and securities to the credit of such local pension system
  shall be transferred to the policemen's and firemen's retirement system.
    4. The trustees or other administrative head  of  such  local  pension
  system shall certify the proportion, if any, of the funds of such system
  that  represents  the  accumulated  contributions of the members and the
  individual shares of the members therein. Such shares shall be  credited
  to  the  respective  annuity  savings  accounts  of such members in this
  retirement system. The balance  of  the  funds  so  transferred  to  the
  policemen's  and firemen's retirement system shall be offset against the
  liability on account  of  existing  pensioners,  annuitants  and  active
  members.  The  resulting  liability so determined shall be the basis for
  the rate of deficiency  contribution  of  such  county,  city,  town  or
  village as determined pursuant to section twenty-three of this article.
    c.  The  county  of  Monroe,  by  resolution  legally  adopted  by its
  governing body filed with and approved by the comptroller, may elect  to
  have    its    fire   chief-airport,   firefighter-airport,   and   fire
  captain-airport personnel in those titles designated by  such  governing
  body,  become  eligible  to  participate in the New York state and local
  police and fire retirement system.  Upon  such  adoption,  such  county,
  except  as  specifically provided in this article to the contrary, shall
  thereafter be treated as a participating employer. Such resolution shall
  provide for the payment by the county of any  costs  incurred  for  past
  service  credit  as  well  as  future  cost  occasioned  by the county's
  election under this subdivision; provided articles fourteen and  fifteen
  member  contributions  previously  made by members of the New York state
  and local employees' retirement system who will become  members  of  the
  New  York  state  and local police and fire retirement system under this
  section shall be transferred to the New York state and local police  and
  fire  retirement  system  and  used to offset the amount of past service
  costs which would otherwise result. Further,  the  past  service  costs,
  less  such accumulated tiers 3 and 4 member contributions, shall be paid
  over a ten year period at the rates of interest used  in  the  actuarial
  valuations covering the ten year period.
    d.  A  participating employer's election of any retirement benefit for
  members of the state and local police and fire retirement  system  shall
  apply either to its police officers or its firefighters, as the case may
  be.