(1) As used in this section:
(a) "Law enforcement officer" means the same as that term is defined in Section 53-13-103.
(b) "Correctional officer" means the same as that term is defined in Section 53-13-104.
(2) The director shall establish a plan authorizing any agency to implement an educational compensation program for law enforcement officers and correctional officers employed by that agency.
(3) The program shall provide that in order for a law enforcement officer or correctional officer to qualify for education benefits for college or university education, the law enforcement officer or correctional officer shall:
(a) provide a certified transcript of grades, demonstrating a grade point average of 3.0 or greater, from an accredited college or university; and
(b) have successfully completed the probationary employment period with the employing agency.
(4) The program shall also provide that the agency may consider a law enforcement officer or correctional officer to receive additional compensation as follows for higher education degrees earned on or after April 30, 2001, in a subject area directly related to the law enforcement officer's or correctional officer's employment with the agency:
(a) 5.5% for an associate's degree;
(b) 5.5% for a bachelor's degree; and
(c) 5.5% for a master's degree.
(5) Expenses incurred by an agency to provide additional compensation under this section may be only from the agency's existing budget.