Eligibility for an allowance -- Date of retirement -- Qualifications

(1) A member is qualified to receive an allowance when: (a) the member has a bona fide termination of employment before the member's retirement date and provides evidence of the termination; (b) the member has submitted to the office a retirement application form that states the member's proposed retirement date; and (c) one of the following conditions is met as of the member's retirement date: (i) the member has accrued at least six years of service credit and has attained an age of 70 years; (ii) the member has accrued at least 10 years of service credit and has attained an age of 62 years; (iii) the member has accrued at least 20 years of service credit and has attained an age of 55 years; or (iv) the member has accrued at least 25 years of service credit. (2) (a) The member's retirement date: (i) shall be the 1st or the 16th day of the month, as selected by the member; (ii) shall be on or after the date of termination; and (iii) may not be more than 90 days before or after the date the application is received by the office. (b) A member may not be employed by a participating employer in the system established by this chapter on the retirement date selected under Subsection (2)(a)(i).