Any active member of the Judges Retirement System may apply for transfer of his credits and creditable service accumulated under this System to the Judges Retirement System. Such creditable service shall be transferred forthwith. Payment by this System to the Judges Retirement System shall be made at the same time and shall consist of:
     (1) the amounts accumulated to the credit of the applicant, including interest, on the books of the System on the date of transfer; and
     (2) employer contributions in an amount equal to the amount of member contributions as determined under item (1).
     Participation in this System as to any credits transferred under this Section shall terminate on the date of transfer.