Sec. 5007.3. Refunds at retirement

(a) A member may withdraw the accumulated contributions credited to his or her individual account in the annuity savings fund by filing an application for withdrawal of contributions no earlier than the date the member files an application for disability, service, or deferred retirement and no later than the date preceding the effective date of retirement; provided, however, that no refund of contributions made pursuant to this section shall be paid to the member until after the member is actually retired. Such application may not be made any later than the last date for the selection, change or withdrawal of an option selection.

(b) Where a member has a current outstanding loan and applies for a withdrawal of contributions at retirement, such loan shall become due and payable. The amount of the loan still outstanding, including interest and insurance, shall be deemed to have been refunded to the member. In such case, after retirement the member shall be entitled to receive the net amount of his or her accumulated contributions, less the outstanding loan balance.