1. 1. Any person having reached the age of sixty-five years and having in this state served an aggregate of twelve years, continuously or otherwise, as a judge or commissioner of the supreme court, or as a judge or commissioner of any of the courts of appeals, or as a circuit judge, or as a judge of a court of criminal correction, or as a judge of a court of common pleas, or either or both as judge or commissioner of any of said courts, and who shall have ceased to hold such office by reason of the expiration of his term, or voluntary resignation or retirement by reason of having reached the age of seventy-five years, under Section 25, Article V, of the Constitution of Missouri, shall, if he so elects as hereinafter provided, be made, constituted and appointed a special commissioner or referee for and during the remainder of his life and shall, while he remains a resident of Missouri, be entitled to and shall receive as annual compensation, salary or retirement compensation during the remainder of his life a sum equal in amount to one-half the salary or compensation provided for by law on January 1, 1989, for the office from which he has retired, except as follows:

   1. (1) For the period from August 13, 1986, until January 1, 1988, the annual compensation, salary or retirement compensation shall equal forty percent of the salary or compensation provided by law on August 13, 1986, for the office from which he has retired;
   2. (2) For the period January 1, 1988, through December 31, 1988, the annual compensation, salary or retirement compensation shall equal forty-five percent of the salary or compensation provided by law on January 1, 1988, for the office from which he has retired.
2. 2. A judge of the supreme court who ceased or ceases to hold office by reason of the expiration of his term, voluntary resignation, or retirement from the supreme court and who is sixty-five years of age or older and has served an aggregate of at least eight years or who is sixty years of age or older and has served an aggregate of at least twelve years, continuously or otherwise, as a judge of the supreme court may elect, before June 30, 1988, to be made, constituted and appointed a special commissioner or referee and shall receive as annual compensation, in lieu of the compensation provided by subsection 1 of this section, one-half of the salary or compensation provided by law at the time of such election under this subsection for the office from which he has retired.

(L. 1951 p. 442 § 1, A.L. 1986 H.B. 1496, A.L. 1987 H.B. 713, A.L. 1997 H.B. 356)