1.    Every judge of the supreme court or of the district court is subject to a judicial retirement assessment in the amount of five percent of the judge’s salary during the first twenty years of service as such judge, from and after the effective date of this section, which amount must be deducted, withheld, and retained by the state of North Dakota. In computing the period of assessment, every judge must be credited with all previous years in which judicial retirement assessments have been deducted and withheld from the judge’s salary.

2.    In lieu of receiving judicial retirement salary under this chapter, a judge of the supreme court or a judge of the district court, or in the event of the judge’s death, the surviving spouse or legal representative, upon application to the supreme court at any time after the person ceases to be such judge and without having made application for and received judicial retirement salary under this chapter, is entitled to receive the amount of judicial retirement assessments heretofore or hereafter deducted and withheld by the state of North Dakota. If such judge has received judicial retirement salary under this chapter, the amount of judicial retirement assessments deducted and withheld by the state of North Dakota in excess of judicial retirement salary received by such judge, are payable, in the event of the judge’s death, but not otherwise, to the surviving spouse if living, otherwise to the judge’s legal representative.

3.    If any former judge, after having withdrawn judicial retirement assessments withheld by the state of North Dakota, shall thereafter become a judge of the supreme court or    of the district court of this state, the person may, at the person’s election, within one year after becoming such judge, reinstate the person’s prior years of service by returning to the fund the amount withdrawn by the person, with simple interest at the rate of four percent per annum from the time of such withdrawal.