Sec. 3. (a) Except as provided in subsection (b), a person may not be certified under this section if:
(1) the person:
(A) has not served as a:
(i) judge;
(ii) justice;
(iii) magistrate; or
(iv) commissioner appointed under IC 33-33-49 who has all the powers and duties prescribed for a magistrate; or
(B) is still serving as a:
(i) judge;
(ii) justice;
(iii) magistrate; or
(iv) commissioner appointed under IC 33-33-49 who has all the powers and duties prescribed for a magistrate;
of a court of record in Indiana;
(2) the person is not available for the minimum period of commitment for service as a senior judge specified by the supreme court under IC 33-24-3-7; or
(3) the combination of:
(A) the compensation for senior judges set under IC 33-23-3-5; and
(B) any retirement benefits that the person is receiving or is entitled to receive;
exceeds the minimum compensation to which judges of the circuit court are entitled under IC 33-38-5.
(b) A person who elects to forgo retirement benefits during the period of commitment as a senior judge may be certified as a senior judge under section 2 of this chapter upon verification by the judicial nominating commission of the availability to the person of the election.