(a) The Board of Trustees of the Arkansas Public Employees' Retirement System is authorized to enter into agreements with the National Guard Bureau, or the appropriate federal agency, for including within the membership of the Arkansas Public Employees' Retirement System, as created by § 24-4-103, technicians employed by the Arkansas National Guard under authority of 32 U.S.C. § 709 and those contract personnel hired as state employees in accordance with the provisions of 10 U.S.C. § 2304(a)(10) [repealed].

(b) The Arkansas National Guard may pay the employer's share to the retirement system, or any part of the employer's contributions and interest, for credited service not credited to the employee by the Arkansas Public Employees' Retirement System from June 8, 1961, to July 1, 1975.

(c)

(1) Any employee of the National Guard included within the membership of the Arkansas Public Employees' Retirement System who was employed by the National Guard under the authority of 32 U.S.C. § 709, on July 1, 1961, shall be given credit for prior service rendered as an employee of the National Guard under the authority of 32 U.S.C. § 709, prior to July 1, 1957, if so employed by the National Guard on that date.

(2) Proof of such prior service shall be in such form as shall be required by the board of trustees.

(d)

(1) Arkansas National Guard technicians and site contract employees covered under the provisions of this section who have not received full credited service for their service time with the Arkansas National Guard from June 8, 1961, until July 1, 1975, may apply for and receive current service credit for service rendered as a full-time technician or site contract employee between June 8, 1961, and July 1, 1975.

(2) The employee shall receive credit only if the employee pays, or causes to be paid, to the Arkansas Public Employees' Retirement System Fund all necessary employer contributions and employee contributions that would have been paid had the employee been a member of the system during that time, together with interest thereon at the rate of six percent (6%) compounded annually from the date the contributions would have been paid until the payment is received by the system.

(3) The Arkansas National Guard may pay all or any part of the employer contributions and interest required.