(1) A beneficiary may, for personal reasons and without disclosure thereof, apply to the board of trustees to suspend for any period payment of all or any part of the retirement allowance otherwise payable to the beneficiary under chapters 34-37 of this title.
(2) Upon approval, the beneficiary shall be considered to have forfeited all rights to the amount of retirement allowance so suspended, but shall retain the right to have the full allowance otherwise payable to the beneficiary reinstated as to future monthly payments upon written notice to the board of the beneficiary's desire to revoke the prior request for a suspension under this section.