70.707.  Elimination of member contributions, refunding of, procedure. — 1.  The governing body of any political subdivision, in which member contributions have been eliminated pursuant to subsection 6 of section 70.705, may, after two or more continuous years without member contributions, elect by majority vote that accumulated contributions resulting from employment with such political subdivision be refunded.  The clerk or the secretary of the political subdivision shall certify the election concerning the refund to the board within ten days after such vote.  The board shall refund the specified accumulated contributions to each member by no later than the later of:

  (1)  One hundred eighty days from receipt by the board of the certification from the clerk or secretary; or

  (2)  Ninety days from receipt by the board of written application signed by the member requesting that such accumulated contributions be refunded.

  2.  If a political subdivision elects to refund member contributions, the employer contribution requirements provided in section 70.710 shall be correspondingly changed effective the first day of the month following the refund election.  The limitation on increases in an employer's contribution provided by subsection 6 of section 70.730 shall not apply to any contribution increase resulting from an employer's electing to refund member contributions as provided in this section.