(1) To participate in the Teacher Deferred Retirement Option Plan, the member shall submit a plan application on a form required by the Board of Trustees of the Arkansas Teacher Retirement System.
(2) The member's plan application shall be reviewed by the Arkansas Teacher Retirement System within a reasonable period of time to determine whether or not the member meets the eligibility requirements under this subchapter.
(3) The member's plan date shall be July 1 next following the determination that the member is eligible for plan participation.
(4) A plan application received by the system after May 31 before the beginning of a fiscal year on July 1 shall not be eligible for participation in the plan until the following July 1.
(5) The member may withdraw his or her plan application if notice to withdraw is received by the system no later than two (2) calendar months after the member's plan date.