(1) Any judge or justice under the age of seventy (70) who is receiving retirement benefits under § 24-8-201 et seq. or § 24-8-701 et seq., who is elected or appointed to any judicial office in this state, and who foregoes receipt of retirement benefits while serving in the judicial office shall be entitled to resume receiving his or her previous retirement benefits upon termination of the subsequent service.
(2) If at the time of the initial retirement the judge or justice was entitled to the benefits of the escalator clause provided in § 24-8-218(c)(1) or postretirement benefits provided in § 24-8-223 or § 24-8-717, the judge or justice and the judge's or justice's survivors shall again be entitled to the benefits upon the termination of any such subsequent judicial service.