Establishing alternative expiration and renewal periods for a handgun permit issued to a retired law enforcement officer who retired in good standing from service with a law enforcement agency of the State or a county or municipal corporation of the State; and providing that a handgun permit issued to a law enforcement officer who retired in good standing expires on the last day of the holder's birth month following 5 years after the date the permit is issued and may be renewed for successive periods of 5 years under certain circumstances.