A sheriff or former sheriff who became a member of the Arkansas Public Employees' Retirement System pursuant to Acts 1995, No. 846, § 1, may purchase his or her time as an elected sheriff prior to July 28, 1995. At his or her option, the sheriff or former sheriff may receive credit for the service, subject to the following conditions:
(1) The person is a participating employee covered under the system at the time of the purchase or was a sheriff who became a member pursuant to Acts 1995, No. 846, § 1;
(2) The person furnishes proof in a form required by the system of the service and compensation received;
(3) The person pays or causes to be paid:
(A) All employee contributions at the rate and on the compensation that would have been paid had he or she been a member during that time;
(B) All employer contributions based on the employer normal cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had he or she been a member during that time; and
(C) Regular interest on the employee and employer contributions. The interest shall be computed from the date the service was rendered to the date the payment is received by the system. The person may purchase all of the service or any portion thereof in multiples of one (1) year; and
(4) The payment of funds shall be made in one (1) lump sum.