Sec. 2. A participant who is at least sixty-five (65) years of age is entitled for the remainder of the participant's life to a monthly retirement benefit computed under section 3 of this chapter, beginning on the date specified by the participant in a written application, if all of the following conditions are met on the date on which the benefit begins:
(1) The participant's service as a member of the general assembly is terminated.
(2) The participant:
(A) has at least ten (10) years of service as a member of the general assembly; or
(B) meets the requirements for disability benefits under section 5 of this chapter.
(3) The participant is not receiving and is not entitled to receive a salary from the state.
(4) The participant is not receiving and has not previously received a reduced monthly retirement benefit under section 4 of this chapter.