(1) For purposes of this section:

(a) New employment city means a city with which a police officer has started employment as a police officer;

(b) Qualifying change of employment means the termination of employment of a police officer with a termination city that is initiated by such police officer for the purpose of becoming a police officer employed by a new employment city if such employment begins within one hundred twenty days of such termination; and

(c) Termination city means a city with which a police officer has terminated employment as a police officer to become employed by a new employment city.

(2) A police officer who makes a qualifying change of employment shall be entitled to transfer, from the Police Officers Retirement System Fund of the termination city to the Police Officers Retirement System Fund of the new employment city, the full amount of such police officer's employee account and the vested portion of the value of such police officer's employer account at the time of termination with the termination city.

(3) Any such transferred funds shall be directly transferred to the police officer's employee account in the retirement system of the new employment city and administered by the retirement committee of such city.

(4) Upon such a transfer, the termination city and the retirement system for such city shall have no further obligation regarding such police officer's retirement benefits to such police officer or such police officer's beneficiaries.

(5) Following the commencement of employment with a new employment city, the transferring police officer shall be deemed a new employee for all purposes of the retirement system of the new employment city.