We provide new insights into the solvability property of a Hamiltonian involving the fourth Painlevé transcendent and its derivatives. This Hamiltonian is third-order shape invariant and can also be interpreted within the context of second supersymmetric quantum mechanics. In addition, this Hamiltonian admits third-order lowering and raising operators. We have considered the case when this Hamiltonian is irreducible, i.e., when no special solutions exist for given parameters $\alpha$ and $\beta$ of the fourth Painlevé transcendent $P_{IV}(x,\alpha ,\beta )$. This means that the Hamiltonian does not admit a potential in terms of rational functions (or the hypergeometric type of special functions) for those parameters. In such irreducible cases, the ladder operators are as well involving the fourth Painlevé transcendent and its derivative. An important case for which this occurs is when the second parameter (i.e., $\beta$) of the fourth Painlevé transcendent $P_{IV}(x,\alpha ,\beta )$ is strictly positive, $\beta >0$. This Hamiltonian was studied for all hierarchies of rational solutions that come in three families connected to the generalized Hermite and Okamoto polynomials. The explicit form of ladder, the associated wavefunctions involving exceptional orthogonal polynomials, and recurrence relations were also completed described. Much less is known for the irreducible case, in particular the excited states. Here, we developed a description of the induced representations based on various commutator identities for the highest and lowest weight type representations. We also provided for such representations a new formula concerning the explicit form of the related excited states from the point of view of the Schrödinger equation as two-variables polynomials that involve the fourth Painlevé transcendent and its derivative.