(1) All chancery judges, circuit judges, judges of the Court of Appeals and justices of the Supreme Court, whether elected or appointed to office, shall participate in the Arkansas Judicial Retirement System.
(2) Any active member who did not become a member at the time of his or her initial election or appointment may acquire prior service credit by paying into the system all contributions, together with interest, that would have been paid if he or she had been a member of the system from the time he or she took office until he or she became enrolled.