Subdivision (1) of section 4 of Chapter 32 is hereby amended by inserting after paragraph (h1/2) the following paragraph:-

(h3/4) Any member in service of the teachers’ retirement system who is employed as a school business administrator may receive creditable service for any period or periods of prior occupational experience which was required as a condition of the member’s licensure as a school business administrator by the office of elementary and secondary education. No credit shall be allowed until the member has paid into the Annuity Savings Fund of the system before any retirement allowance becomes effective for the member, in 1 sum, or in installments, upon the terms and conditions as the board may prescribe, makeup payments of an amount equal to 17 per  cent for each year of service purchased. No credit shall be allowed and no payment shall be accepted under this paragraph until the member has completed 10 or more years of membership service. No credit shall be allowed if the member has already received or is otherwise eligible to receive creditable service for any period or periods of prior occupational work experience under Chapter 32. The creditable service allowable under this paragraph for any member shall not exceed 3 years.