(1) In lieu of terminating employment and accepting a voluntary service retirement benefit, a police officer or firefighter who is a member in paid service with the Arkansas Local Police and Fire Retirement System may elect in a manner prescribed by the system to participate in the Local Police and Fire Deferred Retirement Option Plan under this section and defer the receipt of benefits in accordance with the provisions of this subchapter, provided that the member meets one (1) of the following requirements: The member has at least twenty-eight (28) years of service; or
(2) The member has at least twenty (20) years of service and is at least fifty-five (55) years of age.
(3) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall approve the participation in the plan.