This section applies only to a member of the Law Enforcement Officers’ Pension System who transferred to the Law Enforcement Officers’ Pension System from the Employees’ Retirement System. On or before December 31, 2000, a member may elect to participate in the Law Enforcement Officers’ Modified Pension Benefit under this part by submitting an election on a form provided by the State Retirement Agency. An election by a member under this section is irrevocable. Subject to § 26-401(a)(2) of this title, an election by a member under this section shall be effective on the date that it is filed with the State Retirement Agency. The Board of Trustees may not accept an election to participate in the Law Enforcement Officers’ Modified Pension Benefit that is filed with the State Retirement Agency after 5 p.m. on December 29, 2000.