Any person who shall have served as a municipal judge in any municipal court in this state and who holds credited service therefor in any retirement system or retirement fund is authorized to transfer his or her credited services in the retirement system or fund to the Arkansas Judicial Retirement System by:
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(1) Notifying, in writing, the administrative body of each retirement plan of his or her intention to transfer his or her tenure;
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(2) Authorizing the Board of Trustees of the Arkansas Judicial Retirement System or appropriate administrative body of his or her retirement system to transfer to the system any sums of money paid for his or her retirement to the retirement fund or system by the municipal judge and, at the option of the city council or board of directors, to transfer to the system the court costs collected during his or her tenure as municipal judge; and
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(3)
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(A) Paying into the system an amount of money he or she would have paid into the system for an equal amount of tenure as a judge of the court to which he or she has been elected, less the amount of money from his or her present retirement system as authorized in this section.
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(B) Upon transferring the credited service from his or her present retirement fund or system, the person shall be given credited service in the system for an equal number of years of credited service for which he or she has qualified under any other plan or system to which he or she has belonged by reason of his or her service as municipal judge.
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