Sec. 7. Whenever a police officer retires after at least twenty (20) years of service, the police officer may retain the officer's service weapon. The officer is entitled to receive, in recognition of the service to the state educational institution and the public, a badge that indicates that the officer is retired. Upon retirement, the state police department shall issue to the police officer an identification card that:
(1) states the police officer's name and rank at retirement;
(2) states the officer's retired status; and
(3) notes the officer's authority to retain the service weapon.
A police officer described in this section is entitled to a lifetime license to carry a handgun as described under IC 35-47-2-3(g).