A member shall lose the right to obtain the benefits of the sick leave bank by:
(1) Resignation or termination of employment with the local school system;
(2) Cancellation of participation that is effective only on June 30 next;
(3) Refusal to honor such assessment as may be required from time to time by the trustees to maintain an adequate number of reserve days in the bank;
(4) Being on approved leave of absence with the exception of personal illness or disability leave; or
(5) Retirement.