Any retired justice or judge assigned to active judicial service pursuant to Section 110(5)(b) of the Constitution shall be compensated for his or her service as follows:
(1) The salary for each day which the justice or judge serves shall be as set by the Supreme Court pursuant to KRS 48.195 and in accordance with its rules, not to exceed 1/260 of the annual salary for a Circuit Judge regardless of the judicial office in which he or she performs the judicial duties.
(2) Necessary expenses incidental to the performance of the duties of such assignment shall be paid out of the State Treasury upon approval by the Chief Justice or his designee.