"(3) For those who are at least sixty-five years of age, lump sum payment of present value of annuity for first five years and annuity thereafter to be paid monthly; and for those who are at least sixty-years of age and have rendered thirty-three years of service or more, the present value of the annuity for the first five years to be paid in five equal annual installments, each payable at the beginning of each year, and the annuity thereafter to be paid monthly; Provided, That said lump sum payment or annual installments of annuity may be made to a retired employee only if the premiums paid by and for him are sufficient to cover said payment or payments: Provided, further, That it shall be compulsory for an employer to pay on the date of retirement, in preference to all other obligations except salaries and wages of its employees, its share of at least the premiums required to permit an employee to enjoy this option."

"Notwithstanding any provisions of this Act to the contrary, any member who was separated from the service as a consequence of the reorganization for in Republic Act Numbered Four hundred and twenty-two or as a consequence of the elimination of his position and salary in Republic Act Numbered Five hundred sixty-three, known as the General Appropriation Law for the fiscal year nineteen hundred and fifty-one, or by operation of any future Reorganization Act, may be retired under the provisions of this Act if qualified: Provided, That the period during which sum an officer or employee had been out of the service as a result of said reorganization, from the date of his separation to the date of his re-instatement or reappointment on or before December thirty-one, nineteen hundred and fifty-one, shall be considered as leave of absence: Provided, further, That any gratuity or retirement benefit already received by him shall be refunded to the System; Provided, furthermore, That contributions corresponding to his last five years of service shall be paid as provided in section twelve of Commonwealth Act Numbered One hundred and eighty-six, as amended. This provisions shall also apply to any member of the judiciary who, prior to the approval of this Act, was separated from the service after reaching seventy years of age and rendering at last thirty year of service and who is not entitled to retirement benefit under any law."