(1) Declination. Any member, survivor or beneficiary entitled to any benefit under any provision of this Title may decline to accept all or any part of such benefit by a waiver signed and filed with the Board. Such waiver may be revoked in writing at any time, but no payment of the waived benefit shall be made covering the period such waiver was in effect.

(2) Waiver of member with less than three (3) years of service. Any member with more than one (1) but less than three (3) years of credited service on the date of such member's retirement may waive the right to receive a retirement benefit. If the member waives the right to a retirement benefit, twice the amount of the member's total contribution to the Retirement System shall be refunded to the member, without interest.