(a)

(1) Any member of the former Arkansas State Penitentiary Employees' Retirement System, as created by Acts 1957, No. 64 [repealed], may, after November 6, 1965, upon application and submission of proper proof to the Board of Trustees of the Arkansas Public Employees' Retirement System, become members of the Arkansas Public Employees' Retirement System.

(2) That member may receive credit for all services rendered the state penitentiary upon paying, or causing to be paid, on or before November 6, 1966, into the members' deposit account, the contributions he or she would have paid, together with three percent (3%) compound interest, had he or she been a member of the Arkansas Public Employees' Retirement System during his or her period of employment with the state penitentiary.

(b) Upon certification from the Executive Director of the Arkansas Public Employees' Retirement System, the Treasurer of State shall transfer from the Department of Correction Inmate Care and Custody Fund Account of the State General Government Fund to the Arkansas Public Employees' Retirement System Fund an amount equal to the contributions made by the state penitentiary employees. That amount shall be credited to the Employer Contribution Fund of the system.

(c) Upon becoming a member of the Arkansas Public Employees' Retirement System, the member shall be entitled to the same rights and privileges as other members of the Arkansas Public Employees' Retirement System.

(d) The Board of Trustees of the Arkansas Public Employees' Retirement System is directed to make such rules and regulations as, in its opinion, will effect an orderly transfer of membership and service credits as provided in this section.

(e) All persons in receipt of a straight life annuity from the former Arkansas State Penitentiary Employees' Retirement System shall be transferred to the retirement rolls of the Arkansas Public Employees' Retirement System on January 1, 1970, and their monthly benefits shall be continued for the remainder of their natural lives.

(f) On January 1 of each year, the Executive Director of the Arkansas Public Employees' Retirement System shall determine the amount necessary for the purpose of providing funds to assure the payment of such benefits. The Treasurer of State shall transfer from the Department of Correction Inmate Care and Custody Fund Account of the State General Government Fund to the Arkansas Public Employees' Retirement System Fund that amount, as certified by the executive director.