(1) Any current member of the Tennessee consolidated retirement system who was employed by the state in a full-time position during the period of July 1, 1972, through June 30, 1973, and who was required by executive order or policy to wait six (6) months to participate in the state retirement system shall be given credit for such period of service; provided, that the member makes a lump sum payment of the contributions such member would have made had such member been a member of the retirement system.
(2) Any current member of the retirement system who is employed in a full-time position by a political subdivision, participating in the retirement system pursuant to chapter 35, part 2 of this title, and who was required by policy to wait for a period not exceeding six (6) months prior to participating in the retirement system shall be entitled to retirement credit for such period of full-time service; provided, that: The governing body at its option shall authorize by resolution and accept the liabilities for its employees to receive retirement credit for such service; and
(3) The member makes a lump sum payment of the contributions such member would have made had such member been a member of the retirement system.