This section applies to an employee of the Warrant Apprehension Unit, formerly of the Division of Parole and Probation in the Department of Public Safety and Correctional Services, who: had the powers granted to a peace officer or police officer under the former § 6–106 of the Correctional Services Article; and transferred to the Law Enforcement Officers’ Pension System on or before December 31, 2015. A member shall deposit in the annuity savings fund of the Law Enforcement Officers’ Pension System: contributions at the rates specified under § 26–204 of this subtitle; and regular interest on the contributions required under item (1) of this subsection at the rate of 5% per year compounded annually. 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. 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.