Any prior Class B member who limited such member's deduction to four thousand two hundred dollars ($4,200) of such member's annual salary may, upon proper authorization from the board of trustees, make a deposit in a lump sum equal to the amount which the member would have paid had the member been contributing on such member's annual salary, plus interest at the rate provided for in §8-37-214, relative to redeposits. Such an amount so deposited shall become a part of the member's accumulated contributions in the same manner as if the contributions had been timely paid.