Any person who shall have served not less than two (2) years as an elected prosecuting attorney in this state and who holds credited service therefor in the Arkansas Public Employees' Retirement System, as established by § 24-4-103, anytime after being elected as a circuit judge, chancery judge, circuit-chancery judge, or justice of the Supreme Court, is authorized to transfer his or her credited service in the Arkansas Public Employees' Retirement System to the Arkansas Judicial Retirement System by:
(1) Notifying, in writing, the administrative body of each of the retirement plans of his or her intention to so transfer his or her tenure;
(2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer to the Arkansas Judicial Retirement System any sums of money paid for his or her retirement to the Arkansas Public Employees' Retirement System by the elected prosecuting attorney; and
(3) Paying into the Arkansas Judicial Retirement 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 transferred from the Arkansas Public Employees' Retirement System as authorized in this section.
(4) Upon transferring the credited service from the Arkansas Public Employees' Retirement System, the person shall be given credited service in the Arkansas Judicial Retirement System for an equal number of years of credited service for which he or she has qualified under the Arkansas Public Employees' Retirement System as an elected prosecuting attorney.