(1) Any former governor, upon reaching sixty-five (65) years of age, shall be eligible to receive a retirement allowance.
(2) The amount of such retirement allowance shall be an amount per annum equal to fifty percent (50%) of the then current annual salary of the office of the governor, payable in twelve (12) equal monthly payments, to commence on the first day of the month following the former governor's sixty-fifth birthday and to be payable monthly thereafter for life.