Credit for Service in System — Establishment of Previously Denied Credit for Service Beyond Certain Ages
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Each member shall receive membership service credit for all service rendered since becoming a member of the retirement system, or since such member last became a member in the event of a break in such member's membership, on account of which contributions are made by the member or the member's employer pursuant to § 8-34-206.
Any member who remains in service upon attaining seventy (70) years of age shall continue to participate in the retirement system and to accrue creditable service. The state's share of any additional costs of this subdivision (b)(1) shall be funded in accordance with [former] § 9-6-303, from the increase in state-imposed taxes which are earmarked to counties and which are not designated by such counties for a particular purpose.
Any general employee of the state or any teacher who was previously denied membership in the system due to advanced age, and who is now permitted to participate, may establish the service credit that was previously denied by paying the contributions such person would have paid if such person had been a member, plus interest at the rate provided for in § 8-37-214.
Any Group 1, Group 3 or Group 4 state judge who remains in service upon attaining seventy (70) years of age may continue to participate in the retirement system and to accrue creditable service.
Any Group 1, Group 3 or Group 4 state judge who is presently serving and who has previously been denied retirement credit for service beyond seventy (70) years of age shall be entitled to establish retirement credit for service beyond seventy (70) years of age by making a lump sum payment of contributions such judge would have made, plus interest at the rate provided in § 8-37-214.