The following members of the General Assembly and former members of the General Assembly are eligible for membership in the Retirement System:
(1) Members of the General Assembly who serve on and after June 15, 1983; and
(2) Former members of the General Assembly who served prior to June 15, 1983; and
a. Who elect to transfer current and future entitlements, or contributions, from the Legislative Retirement Fund established by Chapter 1269 of the 1969 Session Laws; or
b. Who have five or more years of service as a member of the General Assembly.