60. The member contributions described in section 38 paid by a member, including accrued interest, established at the time of the earliest of the following events, shall not be used to pay more than 50% of the value
(1) of any pension benefit to which the member becomes entitled, including benefits related thereto;
(1.1) of any benefit to which the member would have become entitled, including benefits related thereto, if the member had retired on the date of application for payment of the benefit, in the case of a benefit paid under subdivision 0.1 of Division III of Chapter VI;
(2) of any benefit to which a beneficiary becomes entitled, where the member dies before becoming entitled to a pension pursuant to subparagraph 2 of the first paragraph of section 86.
This section does not apply
(1) to pension benefits accrued under the terms of a defined contribution pension plan;
(1.1) to pension benefits accrued under a target benefit pension plan;
(2) to pension benefits accrued under terms in a defined benefit pension plan or a target benefit pension plan which are identical to those of a defined contribution pension plan;
(3) to benefits resulting from a transfer of benefits or assets, even a transfer other than a transfer under Chapter VII;
(4) to the additional pension referred to in the third paragraph of section 58, in the second paragraph of section 67.4 or in section 78 or 83;
(5) to that part of any pension benefits accrued for a period of service which, even though no employer contributions were paid in respect of the member, was nevertheless credited by reason of the exercise by the member of an election offered to him under the plan for that purpose, insofar as it is provided that all the obligations arising from the election, as estimated at the date the election is exercised, are to be borne by the member. In such a case, the value of the obligations, determined on the basis of the assumptions referred to in section 61, must be equal, at that date, to the amount paid by the member;
(6) to a benefit to which subparagraph 1 of the first paragraph applies and which was purchased with amounts to be refunded, or is the result of the conversion of a benefit other than a life pension;
(7) (subparagraph repealed);
(8) to a pension provided for in section 67.2.