In the case of a retirement system of a political subdivision, if the minimum funding standards provided by Code Section 47-20-10 would cause a severe financial hardship to the political subdivision if implemented on January 1, 1984, such minimum funding standard may be phased in over a period of four years beginning on January 1, 1984, for funding the normal cost and over a period of seven years beginning on January 1, 1984, for funding the total required minimum employer contribution. The provisions of this Code section shall not apply to any retirement system of a political subdivision which is created or established on or after January 1, 1983.