A. Membership optional. After September 1, 1958 membership in this retirement system shall be optional with each attorney general as the same is defined in § 8-618. Any attorney general desiring membership in this system shall within six (6) months next after September 1, 1958, signify his desire to become a member thereof by notifying the state treasurer. In case such notice be given to the treasurer subsequent to September 1, 1958, such attorney general shall be required to pay into the hands of the state treasurer the contributions to such retirement fund accruing subsequent to September 1, 1958. Any attorney general becoming such subsequent to September 1, 1958, shall have six (6) months within which to elect to join such system. Upon joinder, he shall contribute to such system from the date of such assumption of office.

B. Contributions. Every member of said retirement system shall contribute monthly to such retirement system six per cent (6%) of his salary beginning as of September 1, 1958, and continuing through June 30, 1970, and three per cent (3%) of his salary beginning July 1, 1970 and continuing so long as he shall be a member of same. Retirement under §§ 8-618 — 8-622, shall discontinue the membership of the person so retiring. Such contribution shall be paid to the treasurer by withholding the amount thereof from the salary check or voucher of such member.

C. Retirement trust fund. For the purpose of paying the retirement sums provided in §§ 8-618 — 8-622, there is created a trust fund in the office of the state treasurer to be known as the attorney general's retirement fund. Into it, there shall be paid the contributions herein required for members of such retirement system, plus the fees levied by §§ 8-618 — 8-622 for such retirement. There shall also be paid into said fund such net amounts as are collected subsequent to July 1, 1955, for such retirement purposes. Each member of such system and each retired member shall have a vested interest in the trust fund herein created and no part of the same shall be diverted to any other purpose nor appropriated by the legislature to different uses. All retirement payments falling due under the terms of §§ 8-618 — 8-622 shall be made solely and exclusively from the trust fund herein created and no money shall be drawn from the general fund of this state or the treasury for the payment of such obligations. Any member of said retirement system who shall die, resign or otherwise cease to become a member of the system shall be entitled to have repaid him upon request all sums which he has paid into said system by way of such contributions. In lieu of such withdrawal of funds from this system, such member may elect to allow his funds to remain therein, in which case, when such member shall attain the age of fifty-four years with at least ten (10) years of service as attorney general, he shall be entitled to an annual retirement allowance of three and seventy-five hundredths per cent (3.75%) of his benefit base, multiplied by the number of his years of service, which allowance shall be payable in equal monthly instalments for the remainder of his life. Provided further, any person who has been a member of said retirement system for a period of at least five (5) years and such person shall die, resign, or cease to be a member of said retirement system, the contributions paid into said retirement system shall bear interest thereon at the rate of three per cent (3%) per annum.

D. Custody and maintenance of retirement fund. The state treasurer shall be the custodian of the fund herein set up and his official bond shall be liable for the handling thereof. He may invest any moneys in his hands from said fund in securities which at the time of making the investment are, by statute, permitted for the funds of the Tennessee state retirement system. A statement of the financial condition of such trust fund shall be published by the treasurer in connection with his annual report.

E. Retirement allowance and early retirement. The retirement allowance to any person retiring under the provisions of §§ 8-618 — 8-622, shall be three and seventy-five hundredths per cent (3.75%) of his benefit base multiplied by his number of years of service, subject to a maximum allowance of seventy-five per cent (75%) of his benefit base. Such retirement shall be payable monthly as salaries are now paid by law and shall be paid from the trust fund herein set up, and shall not be subject to execution or attachment but shall be wholly exempt from the claims of creditors. Where any person subject to §§ 8-618 — 8-622, shall be a member of the state retirement system, such time as may have been credited to him by such retirement system in any of the capacities above defined shall be prima facie correct. In computing the length of time of service fractions of a year of six (6) months or more shall be treated as a full year of service.

F. Retirement for disability. After September 1, 1958 any member of this retirement system who shall become totally and permanently disabled after a service of at least ten (10) years with service as an attorney general as herein defined or not less than twenty (20) years of creditable service for that period of time shall be entitled to be retired for disability and shall receive a monthly retirement allowance equal to the number of years of service multiplied by three and seventy-five hundredths per cent (3.75%) of his benefit base. In case of a cessation of total and permanent disability, such allowance shall cease. Examinations and certifications for disability shall be made by the medical panel of the Tennessee state retirement system and their conclusions shall be binding. Reexaminations may be made periodically to determine continuity of such disability. Provided further, notwithstanding any other provision in §§ 8-618 — 8-622 to the contrary, any person as of June 30, 1965, who (a) is over age seventy (70), (b) is not covered for benefits in the attorney general retirement system, (c) is covered for benefits in the Tennessee state retirement system, and (d) had served for at least ten (10) years as an attorney general prior to the date of the establishment of the Tennessee state retirement system, shall be eligible to receive credit for service in the attorney general retirement system for that period of time prior to the date of the establishment of the Tennessee state retirement system during which he was an attorney general provided written application for such credit is made in accordance with § 8-621 prior to September 30, 1965. If said person so applies for credit for such service, he shall not be eligible to receive credit for that service in the Tennessee state retirement system. Also, if said person applies for credit for such service, he shall be eligible to receive a retirement benefit from the attorney general retirement system upon his retirement as an employee of the state of Tennessee. The amount of such benefit shall be determined and shall be payable in accordance with subsection F of this section, except that the amount of average compensation which shall be considered in determining his benefit shall be based on the salary of said person earned as attorney general in those years for which he has applied for credit in the attorney general system.

G. [Deleted by 1970 amendment.]

H. Effect of amendments; retirement prior to September 1, 1958. The provisions of §§ 8-619 — 8-621 as amended by chapter 154 of the Public Acts of 1955, shall take effect from and after September 1, 1958, but prior to such effective date, any member of this system, eligible for retirement, may retire under the provisions of chapter 81, Public Acts of 1953, or §§ 8-618 — 8-622 as enacted by chapter 6 of the Public Acts of 1955 prior to amendment and his retirement allowance shall be paid from the fees collected under § 8-622.

I. Optional benefits. With the provision that no optional election shall become effective within thirty (30) days after retirement or within thirty (30) days after electing an option, and that a retired member dying within such period shall be considered in active service at the time of death, until the first payment on account of any retirement allowance becomes normally due, he may elect to receive the actuarial equivalent of the retirement allowance otherwise payable to him at retirement in the form of a reduced retirement allowance, with the provisions that: