(a) Any judge of a municipal court to which this subchapter applies who shall have served at least twenty (20) years in office as municipal judge, irrespective of age, shall be eligible to receive retirement benefits provided by this subchapter.
(b) If the judge resigns, retires from office, or is succeeded in office by another judge, then he or she shall receive retirement pay for and during the remainder of his or her natural life in an amount equal to one-half (1/2) of the salary payable to him or her at the time of his or her resignation, retirement, or succession in office.
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