SECTION 1.  Subdivision (1) of section 4 of chapter 32 of the General Laws, as appearing in the 1998 Official Edition, is hereby amended by inserting after paragraph (O½) the following paragraph:-

            (O¾) Any member eligible to receive a retirement benefit pursuant to the provisions of this chapter, who served as a member of a redevelopment authority for a city of town, in which position he received no compensation, may establish credit for such service by depositing in the annuity savings fund of the system of which he is a member a sum equal to the amount which would have been paid into such fund during such period if such position had been compensated at the rate of $2,500 per year, plus regular interest to the date of payment. This paragraph shall apply only to persons who served as a member of a redevelopment authority in a city or town that accepts this paragraph, in a town or city by a vote of the local retirement board or any “town known as the city of” by its retirement board, provided however, that the provisions of this paragraph shall not apply to any member first elected and/or appointed on or after January 1, 1990.