A participating employer may elect to participate in phased retirement for a retiree who has not completed the one-year employment separation requirement under Section 49-11-1204 under the conditions established under this part, if the participating employer:
(1) establishes written policies and procedures for phased retirement that shall include provisions for:
(a) granting and denying a request for phased retirement;
(b) needed approvals within the participating employer;
(c) time limits or other restrictions;
(d) identifying positions that may be included or excluded; and
(e) the elements of a written agreement described under Section 49-11-1304;
(2) enters into an agreement described under Section 49-11-1304;
(3) submits an application to the office for phased retirement on behalf of the parties of the agreement described under Section 49-11-1304; and
(4) complies with this part.