Normal retirement allowance reduced by actuarial equivalent--Deposit of individual balance--Member contributions

All benefits payable pursuant to § 3-12C-1106 must be reduced by the actuarial equivalent that could be purchased by a sum of money equal to twice the value of the Board of Regents' balance payable at the member's retirement. The Board of Regents is hereby authorized, if the Board of Regents receives member approval, to deposit with the system the individual balance accumulated in the regents retirement system during the period of April 1, 1964, to June 30, 1975. The deposit must not include the excess balance, as defined in §