(a) Every member and officer of the National Guard of the Virgin Islands who meets the requirements hereinafter set forth shall receive, commencing at age fifty-five, a pension of one hundred dollars per month for twenty years' military service. The requirements for the pension are that each member or officer shall:
(1) Have served and qualified for at least twenty years' military service in a federally recognized unit of the National Guard or in a regular component of the Armed Services of the United States.
(2) Have at least fifteen years of the aforementioned service as a member or officer of the National Guard of the Virgin Islands National Guard of the Virgin Islands and the final or last ten years of service immediately prior to retirement shall have been in the National Guard of the Virgin Islands.
(3) Have received an honorable discharge from the National Guard of the Virgin Islands.
(b) Eligibility for retirement under this section shall be in addition to any other retirement that a member or officer is eligible to receive provided that:
(1) Any person receiving retirement pay from the federal government as a result of length of service, age, or physical disability retirement from any of the regular components of the Armed Services of the United States shall not be eligible for a pension under this section; and
(2) Any person who elects to retire and is retired under the provisions of this section and who is eligible to receive retirement pay from the Employees Retirement System of the Government of the Virgin Islands shall not include, in determining eligibility and benefits for retirement from the System, service performed as a member or officer of the National Guard of the Virgin Islands.
(c) Payment to a retired member or officer of the National Guard will cease at the death of the member or officer and no payment will be made to beneficiaries or to the decedent's estate.
(d) The provisions of this section shall be administered by the Adjutant General of the National Guard of the Virgin Islands. The Adjutant General shall not employ additional personnel to administer this section.
(e) The provisions of this section shall apply only to members and officers of the National Guard of the Virgin Islands serving Guard of the Virgin Islands serving on the effective date of this law and thereafter.