(a) All full-time law enforcement officers regardless of their titles, such as city marshal, employed by cities of the first or second class or incorporated towns shall be compensated for all legal holidays established by the governing body of the municipality.
(b) Compensation under subsection (a) of this section shall be based on the full-time law enforcement officer's daily rate of pay and in addition to the regular pay schedule.
(c) Compensation under subsection (a) of this section may be included within the full-time law enforcement officer's base pay.
(d) Compensation under subsection (a) of this section shall be prorated and paid during the regular payroll periods or paid in one (1) lump sum annually on a date in December designated by the municipality.