After July 1, 1949, subject to conditions and qualifications hereinafter specified, any member who attains seventy (70) years of age on or after the date of the establishment of the retirement system shall be retired;

provided, however, that at the request of his appointing authority he may remain in service until the last day of the fiscal year during which he attains seventy (70) years of age;

or, if he is a state officer or employee appointed by the governor he may, in the discretion of the governor, be retained in service during such periods as he may be appointed by the governor, but his contributions to the retirement system shall cease, and time employed subsequent to compulsory retirement age shall not be counted in computing benefits. No benefits will be paid during such employment.

Officials elected by popular vote and employees or appointees thereof, and those officials who obtain office in any manner other than by appointment or employment at the hands of the governor or those holding office under him, or those elected by the legislature, and their appointees and employees, upon attaining the age of seventy (70) may continue to hold such office or employment but except for members of the general assembly their membership in the system shall terminate subject to their accrued rights, and no benefits shall be payable to them so long as they continue to hold the office or employment held by them when they reached the age of seventy (70). Benefits shall begin upon the termination of such term of office so held and shall be based upon such as had been attained upon the date on which they became seventy (70) years of age. Members of the general assembly may join or continue as active members of the system regardless of age by making the required contributions while they continue in the general assembly, and upon termination of their service, shall be entitled to receive retirement benefits based on all their years of creditable service. Any increased cost to the state occasioned by the changes in retirement benefits made by the preceding sentence shall be paid out of annual earnings on investments of the Tennessee state retirement system in excess of four per cent (4%).

Anything in this section to the contrary notwithstanding, a commissioned member of the department of safety shall be retired upon his attainment of fifty-five (55) years of age or, at the request of the commissioner of safety, upon the last day of the fiscal year during which he attains said age; provided, however, that if the commissioner of safety shall request, and the governor shall approve, his service may be extended, year-by-year, until his attainment of sixty-five (65) years of age, but his contributions to the retirement system shall cease, and time employed during such extension of service shall not be counted in computing benefits. It is further provided that his membership in the system shall terminate subject to his accrued rights computed as of the beginning of the first fiscal year during which he shall have been discretionarily retained in service, no retirement benefits being payable during such period of retention in service. Provided further however, that any presently employed commissioned member of the Tennessee department of safety, who was employed prior to his 35th birthday shall be allowed to remain in the service of the department and to participate under the provisions of chapter 35, title 8, of this Code, until he obtains twenty-five (25) years creditable service or reaches age sixty (60). Provided further, that those members of the Tennessee department of safety complying with this condition shall be allowed to remit a lump sum to the state retirement fund in an amount which would have been required had this provision been in effect heretofore, in order to maintain their retirement benefits.

Anything in this section to the contrary notwithstanding, any commissioned member of the enforcement and field services division of the game and fish commission shall be retired upon the last day of the fiscal year during which he has attained fifty-five (55) years of age and twenty-five (25) years of service. However, any commissioned member of the enforcement and field services division may continue in service to age sixty (60) upon application to and approval by the game and fish commission.

Anything in this section to the contrary notwithstanding, any fireman or policeman employed by a political subdivision covered under the Tennessee state retirement system shall be retired upon the last day of the fiscal year during which he has attained fifty-five (55) years of age and twenty-five (25) years of service. However, any fireman or policeman employed by a political subdivision covered under the Tennessee state retirement system may continue in service to age sixty-five (65) upon application to and approval by the political subdivision. Any political subdivision which participates in this system and which has elected to have the provisions of this paragraph apply to its firemen or policemen, may further elect, by ordinance or resolution, to provide that a fireman or policeman may be retired upon attaining the age of fifty-five (55) with twenty (20) years service or having an aggregate of twenty-five (25) years of creditable service without regard to age; provided, however, that any political subdivision which so elects shall make a special accrued liability contribution in an amount as determined by an actuarial valuation in the manner and form as provided for initial contributions in § 8-3604.

Any provision in this section to the contrary notwithstanding any former employee who has attained the age of seventy (70) and who would have been eligible by virtue of his former employment to participate in the retirement system, is eligible for such benefits as he would have been entitled to had he participated in the retirement system, by making the prior service contribution as provided in § 8-3604.