(1) ceases service:

(B) after December 31, 2010, as a judge or full-time magistrate;

other than by death or disability; and

(2) is not eligible for a retirement benefit under this chapter;

is entitled to withdraw from the fund, beginning on the date specified by the participant in a written application. The date on which the withdrawal begins may not be before the date of final termination of employment or the date thirty (30) days before the receipt of the application by the board.

     (b) Upon the withdrawal, the participant is entitled to receive the total sum contributed plus interest at a rate specified by rule by the board, payable within sixty (60) days from the date of the withdrawal application or in monthly installments as the participant may elect.

     (c) A participant who withdraws from the fund under subsection (a) and becomes a participant again at a later date is not entitled to service credit for the participant’s years of service accrued before the withdrawal, unless the participant pays into the fund the full amount received by the participant when the participant withdrew from the fund plus interest at a rate specified by rule by the board. The board shall grant service credit to a participant for the years of service accrued by the participant before the participant’s withdrawal from the fund if the participant makes the repayment required by this section in a lump sum or a series of payments determined by the board, not to exceed five (5) annual installments.

As added by P.L.98-2004, SEC.17. Amended by P.L.122-2008, SEC.16; P.L.16-2011, SEC.5; P.L.92-2021, SEC.13.