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4. In addition to the classes of employees excluded from membership by said Retirement Law, the following classes of employees shall not become members of said Retirement System: a. FIREMEN AND POLICEMEN; b. PERSONS COMPENSATED ON AN HOURLY BASIS; AND C. ELECTIVE OFFICIALS. 5. The percentage of final compensation to be provided for local miscellaneous members for each year of credited prior and current service shall be determined in accordance with'Section 21354 of said Retirement Law, subject to the reduction provided therein for service prior to March 31, 1976, termination of Social Security, for members whose service has been included in Federal Social Security (2% at age 55 Full and Modified). 6. Public Agency elected and elects to be subject to the following optional provisions: a. Sections 21624 and 21626 (Post-Retirement Survivor Allowance). b. Section 21571 (Basic Level of 1959 Survivor Benefits). C. Section 21024 (Military Service Credit as Public Service), Statutes of 1974. 7. Public Agency, in accordance with Government Code Section 20790, ceased to be an "employer" for purposes of Section 20834 effective on June 1, 1976. Accumulated contributions of Public Agency shall be fixed and determined as provided in Government Code Section 20834, and accumulated contributions thereafter shall be held by the Board as provided in Government Code Section 20834. 8. Public Agency shall contribute to said Retirement System the contributions determined by actuarial valuations of prior and future service liability with respect to local miscellaneous members of said Retirement System. 9. Public Agency shall also contribute to said Retirement System as follows: a. A reasonable amount, as fixed by the Board, payable in one installment within 60 days of date of contract to cover the costs of administering said System as it affects the employees of Public Agency, not including the costs of special valuations or of the periodic investigation and valuations required by law.