(a) All members in the Defined Benefit Program on October 15, 1992, who are not receiving a disability allowance or a retirement allowance with an effective date prior to October 16, 1992, shall be eligible to make an irrevocable election, pursuant to this chapter, to retain coverage under either the disability allowance and family allowance programs or to have coverage under the disability retirement and survivor benefits programs.
(b) The member’s eligibility to participate in the election shall be based on the member’s status in the Defined Benefit Program on October 15, 1992, only, and not on prior or subsequent events.