73. If two or more years of service may be credited to the employee contemplated in section 72, he may elect for the reimbursement contemplated by the said section or for a deferred annuity. If he has elected for a deferred annuity, he may nevertheless change his election at any time before the date on which such deferred annuity first becomes actually payable, by giving a notice to that effect to the Commission.
However, notwithstanding the first paragraph, if more than ten years of service may be credited to such employee and if he has reached the age of forty-five years at the time when he ceases to hold his employment, he is entitled to only a deferred annuity. For the purposes of this paragraph, every continuous period of service subsequent to December 31 1965 shall be credited. Such employee may however elect to receive an amount representing up to 25% of the commuted value of such deferred annuity and obtain a deferred annuity adjusted to take account of such payment.
The amount representing up to 25% of the commuted value of the deferred annuity cannot be greater than the amount of the accumulated contributions paid by the employee with interest computed in the manner provided for in section 76.
The deferred annuity mandatorily payable to an employee or for which he elected at the termination of his employment shall be cancelled if he contributes again to this plan and the service he accumulates shall be added to the service credited to him at the termination of his employment.
If such employee elected, in accordance with the second paragraph, to receive up to 25% of the commuted value of such deferred annuity, the service he accumulates shall be added to the service credited to him at the time of the termination of his employment, a new pension shall be computed in the manner provided in sections 58 to 65 and the annual value of the original pension reimbursed to him shall be subtracted from such new pension. In such latter case, the employee shall not again avail himself of the election provided for in the second paragraph of this section.