Every member of the National Guard of South Carolina who meets the requirements hereinafter set forth shall receive, commencing at age sixty, a pension of fifty dollars per month for twenty years' creditable military service with an additional five dollars per month for each additional year of such service; provided, however, that the total pension shall not exceed one hundred dollars per month. The requirements for such pension are that each member shall:

1. (a) Have served and qualified for at least twenty years' creditable military service, including National Guard, reserve and active duty, under the same requirement specified for entitlement to retired pay for nonregular service under Chapter 67, Title 10, United States Code.
2. (b) Have at least fifteen years of the aforementioned service as a member of the South Carolina National Guard and the final or last ten years of service immediately prior to retirement shall have been in the South Carolina National Guard.
3. (c) Have received an honorable discharge from the South Carolina National Guard.