This section applies only to a former member, member, retiree, or surviving beneficiary of the Employees’ Pension System who, while a member, was an employee of Frederick County. Except as provided in subsection (d) of this section, a member who is subject to the contributory pension benefit under Subtitle 2, Part II of this title may purchase credit for eligibility service for the period of employment from July 1, 1998, through July 1, 2000, by paying to the Board of Trustees: on or before June 30, 2001, the amount the member would have been required to contribute for that period of employment; or on or after July 1, 2001, the amount the member would have been required to contribute for that period of employment plus regular interest compounded annually. Except as provided in subsection (d) of this section, a member who is subject to the Alternate Contributory Pension Selection under Subtitle 2, Part III of this title may purchase credit for eligibility service for the period of employment from July 1, 2006, through July 1, 2007, by paying to the Board of Trustees: on or before June 30, 2008, the amount the member would have been required to contribute for that period of employment; or on or after July 1, 2008, the amount the member would have been required to contribute for that period of employment plus regular interest compounded annually. If the member fails to make the payment as provided under subsection (b) or (c) of this section, the Board of Trustees shall reduce actuarially the allowance payable to a former member, retiree, or surviving beneficiary of a deceased member, former member, or retiree.