In the event a member's retirement allowance is suspended in accordance with section 503(5) of the Education Law, such member who selected an option at the time of retirement shall be permitted to elect at the time of the suspension to pay to the fund or funds of the system from which such retirement allowance would otherwise be payable, the amount by which the member's monthly retirement allowance was reduced by the selection of the option, in which event the amount so paid, together with the reduced allowance, shall be deemed equivalent to the suspension of his or her maximum retirement allowance, and the survivor portion of such option shall be payable in the event of such member's death as if the member had continued in receipt of such retirement allowance without suspension.