The member of the Retirement Board who is a retired teacher shall be elected in accordance with the procedures set forth in this Part. The regular election for the position of retired teacher member of the Retirement Board shall be held in October 1998 and in October of every third year thereafter. The retired teacher member of the Retirement Board elected in the regular election shall serve a term of three years commencing January 1st of the year next following the year in which the election is held.