In lieu of terminating employment and accepting a service retirement pension, a state police officer may elect to participate in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan and defer the receipt of benefits in accordance with this subchapter if:
(1) The state police officer: Is a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq.;
(2) Has at least thirty (30) years of actual service as a member of the State Police Retirement System's Tier Two Benefit Plan under § 24-6-401 et seq.; and
(3) Is eligible to receive a service retirement pension; and
(4) The Board of Trustees of the State Police Retirement System approves the participation in the Arkansas State Police Officers' Tier Two Deferred Retirement Option Plan.