Section 4 (1) (o) of Chapter 32 of the General Laws, as appearing in the 2006 Official Edition, is hereby amended by inserting in place thereof the following paragraph:-

Any member who has served as a selectmen, alderman, city councilor, school committee member or town moderator as the result of election by the direct vote of the people, in which position he received no compensation, may establish credit for such service by depositing in the annuity savings fund of the system of which he is a member a sum equal to the amount which would have been paid into such period if such position had been compensated at the rate of twenty-five hundred dollars per year, plus regular interest to the date of payment; provided, however, that the provisions of this paragraph shall not apply to any member first elected on or after January 1, 1996.