(1) Any judge of a municipal court who is not licensed to practice law, who has served at least twenty (20) years as municipal judge or police judge, and who resigns, retires, or is succeeded in office shall receive retirement benefits upon attaining age sixty (60).
(2) These benefits shall continue for and during the remainder of his or her natural life in an amount equal to one-fourth (¼) of the salary payable to him or her at the time he or she resigned, retired, or was succeeded in office.