Unless an irrevocable exemption is filed pursuant to Subsection C of Section 10-12C-16 NMSA 1978, every magistrate while in office shall become a member and shall be subject to the provisions of the Magistrate Retirement Act. A magistrate who is retired under any state system or the educational retirement system, including a magistrate who is otherwise exempt from the provisions of the Magistrate Retirement Act, shall:
A. pay the applicable member contributions and the state, through the administrative office of the courts, shall pay the applicable employer contributions as provided pursuant to the Magistrate Retirement Act; and
B. not accrue a service credit and shall not be eligible to purchase service credit nor to retire pursuant to the Magistrate Retirement Act.