(a) Any person who is a member of the Arkansas State Highway Employees' Retirement System shall be entitled to purchase creditable service in the system for a period not to exceed three (3) years for active service rendered by the member in the United States Armed Forces, after the member's first employment in a position covered by a state-supported retirement system, excluding active service for the purpose of attending schools or other peacetime training of the member in the military reserve or national guard, if the person:
(1) Has ten (10) years of creditable service with this retirement system;
(2) Received an honorable discharge from the armed forces;
(3) Is not receiving federal military service retirement pay, excluding federal military disability retirement pay;
(4) Is not qualified to claim the military service in the system under § 24-2-502 or § 24-5-101 et seq.; and
(5)
(A) Except as provided in subdivision (a)(5)(B) of this section, contributes to the members' deposit account a sum of money equal to an amount based on an actuarial equivalent as prescribed by the Board of Trustees of the Arkansas State Highway Employees' Retirement System.
(B) Subdivision (a)(5)(A) of this section does not apply if this section conflicts with the Uniformed Services Employment and Reemployment Rights Act of 1994, 38 U.S.C. § 4301 et seq., as in effect on February 1, 2011, as it provides for employees who leave employment for active military service.
(b)
(1) Interest shall be paid at the rate of six percent (6%) per year from December 31, 1987, or six (6) months after the end of the month in which the member first has ten (10) years of creditable service, whichever is later.
(2) In no event may payments be extended beyond three (3) years from the date of application.
(3) It is further required that all payments must be completed before this military service time can be used to compute annuity benefits at time of retirement.
(c)
(1) This section shall be supplemental to any other laws relating to the members of the system. Nothing in this section shall be construed to repeal or modify any existing provisions of this system's laws providing for creditable service in the system for military service, nor to diminish the right of any member of this system to obtain creditable service in the system for military service under existing laws.
(2)
(A) In no event shall any member of this system be entitled to receive in excess of five (5) years of creditable service for military service rendered by the member.
(B) No member shall be eligible for creditable service in more than one (1) state-supported retirement system.