(a) The supreme court is authorized to appoint senior judges only after it has made an affirmative finding that the effective administration of justice in one (1) or more judicial districts requires additional judicial resources.

(b)

(1) If the supreme court, at its discretion, determines that a former justice or judge is physically and mentally capable of performing valuable judicial service on a continuing basis and that the justice's or judge's service will promote the effective administration of justice, then the supreme court shall cause an appropriate commission to be issued under its seal for the period provided in subsection (c); provided, that such commission shall be issued only to a former justice or judge who left the justice's or judge's most recent term of judicial service in good standing with the board of judicial conduct or any successor to the board.

(2) Except as provided in subdivision (b)(3), no such commission shall be issued to any former justice or judge who, during the justice's or judge's most recent term of judicial service, sought reelection or retention but was defeated in the reelection or retention bid.

(3) Notwithstanding subdivision (b)(2), if the election following the most recent term of judicial service for a judge in a state court of record results in the judge not being reelected, the judge is authorized to be issued a commission if the judge has been elected at least twice and served at least two (2) full eight-year terms.

(c) The supreme court's designation shall be for a term of four (4) years unless the justice or judge has reached seventy (70) years of age, whereupon the term of the designation shall be for two (2) years or for any shorter period deemed proper by the supreme court. Senior justices and judges shall be eligible for reappointment.

(d) The supreme court's decision with regard to the initial designation or the renewal of senior designation is final and cannot be reviewed in any manner.