(a) An employee is eligible for retirement under this act when he has served as a judge of the supreme court, a district court, a chancery court judge, a circuit court or service in any combination of those positions after July 1, 1998, if:
(i) He is at least sixty (60) years of age and has at least twenty (20) years of credited service;
(ii) He is at least sixty-five (65) years of age and has at least four (4) years of credited service;
(iii) He has less than four (4) years of credited service but has served continuously from the date of appointment to the age of seventy (70) years;
(iv) He has not less than ten (10) years and is retired for disability;
(v) He has not less than four (4) years of service to his credit and is at least fifty-five (55) years of age, but any benefit received by an employee under this paragraph shall be reduced by five percent (5%) for each year of retirement prior to age sixty-five (65).