Subdivision (1) of section 4 of chapter 32 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by adding the following paragraph:

(s) Any member of the state employees' retirement system who is a Massachusetts Community College employee and who immediately preceding entry into the retirement system was compensated for service to the commonwealth as a consultant or independent contractor for any department, agency, board or commission of the commonwealth may establish up to ten years of that service as creditable service, provided that the services for which the member was compensated as a consultant or independent contractor were substantially similar to the services provided by that member upon entry into service as a Massachusetts Community College employee. A member qualified under this paragraph may, before the member’s retirement allowance becomes effective, establish any portion of this service as creditable service by depositing into the annuity savings fund of the state employees' retirement system in one sum, or in installments, upon such terms and conditions as the board may prescribe, an amount equal to the contributions the member would have made to the retirement system for that period and the interest that would have accrued on those contributions if the service had been rendered as an employee and the member had been a member of the state employees' retirement system during the period the service was rendered. Upon the completion of these payments, the member shall receive the same credit for the period of service as a consultant or independent contractor, or portion thereof elected, as would have been allowed if the service had been rendered by the member as an employee.