1.  A member of the Public Employees’ Retirement System with service as a Legislator before January 1, 1967, may continue such service under the Public Employees’ Retirement System with benefits to be calculated in the manner prescribed in subsection 2 or 3.

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2.  Except as otherwise required as a result of NRS 218C.340, benefits must be calculated in the manner prescribed by NRS 286.475 unless the member elects to have the member’s benefits calculated pursuant to the provisions of subsection 3.

3.  Except as otherwise required as a result of NRS 218C.340, a member may elect to have the member’s service as a Legislator credited for retirement under chapter 286 of NRS as full-time service for the purpose of calculation of benefits at an annual gross compensation of $10,500. The member shall, at the time of election, pay to the Public Employees’ Retirement Fund and the Public Employees’ Retirement Administrative Fund the difference between the sums paid for the member’s legislative service and the sums which would have been paid by the member and the public employer on the member’s behalf had the member been in full-time service at an annual gross compensation of $10,500, but the member is entitled to the same privileges of payment under the same conditions applicable to the repayment of previously withdrawn contributions by other members of the Public Employees’ Retirement System.

4.  Service as a Legislator, when accredited under the Public Employees’ Retirement System, will not be accreditable under the Legislators’ Retirement System.