(a) This section applies to an employee of the Warrant Apprehension Unit of the Division of Parole and Probation in the Department of Public Safety and Correctional Services who:
(1) has the powers granted to a peace officer or police officer under § 6–106 of the Correctional Services Article; and
(2) transfers to the Law Enforcement Officers’ Pension System on or before December 31, 2015.
(b) A member shall deposit in the annuity savings fund of the Law Enforcement Officers’ Pension System:
(1) contributions at the rates specified under § 26–204 of this subtitle; and
(2) regular interest on the contributions required under item (1) of this subsection at the rate of 5% per year compounded annually.
(c) (1) The Board of Trustees shall transfer a member’s accumulated contributions from the annuity savings fund of the Employees’ Pension System to the annuity savings fund of the Law Enforcement Officers’ Pension System.
(2) The amount a member is required to deposit under subsection (b) of this section shall be reduced by the amount of accumulated contributions transferred under this subsection.