(a) A person who was included in the Arkansas Public Employees' Retirement System for service at full-time employment while at the same time employed full time in another position covered under a municipal police pension and relief fund and whose disqualification from the system was due to dual coverage as a member of a municipal police pension and relief fund may receive service credit as a result of the dual coverage if:

(1) After the initial full-time employment when service credit was lost, the person again becomes a member of the system;

(2) The person applies to receive the lost service credit within five (5) years after the reemployment under the system; and

(3) (A) The member pays or causes to be paid:

(i) The employee contributions at the rate of compensation that would have been paid as a system member during that time;

(ii) Employer contributions based on the normal employer cost from the most recently completed regular annual actuarial valuation and the compensation that would have been paid had the person been a member during that time; and

(iii)

(a) Regular interest on the employee and employer contributions.

(b) Interest shall be computed from the date the service was rendered to the date the payment is received by the system.

(B) The member may purchase all of the service or any portion thereof in multiples of one (1) year.

(b) A person who elects to restore credited service under this section shall be limited to receiving credited service in the system for up to five (5) years of the initial dual full-time employment.

(c) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to promulgate any necessary forms for application to restore the service and reasonable rules and regulations to implement this section.