(a) This section applies to members of the Department of Public Safety and Correctional Services Intelligence and Investigative Division who:
(1) have the powers granted to a police officer under § 10-701 of the Correctional Services Article; and
(2) transfer to the Law Enforcement Officers’ Pension System on or before December 31, 2007.
(b) A member shall deposit in the annuity savings fund of the Law Enforcement Officers’ Pension System contributions at the rate of 4% of the individual’s earnable compensation after July 1, 2000, including regular interest on the contributions at the rate of 5% per year compounded annually.