(1) A member is qualified to receive an allowance when:
(a) the member has a bona fide termination of employment before the member's retirement date and provides evidence of the termination;
(b) the member has submitted to the office a retirement application form that states the member's proposed retirement date; and
(c) one of the following conditions is met as of the member's retirement date:
(i) the member has accrued at least six years of service credit and has attained an age of 70 years;
(ii) the member has accrued at least 10 years of service credit and has attained an age of 62 years;
(iii) the member has accrued at least 20 years of service credit and has attained an age of 55 years; or
(iv) the member has accrued at least 25 years of service credit.
(2)
(a) The member's retirement date:
(i) shall be the 1st or the 16th day of the month, as selected by the member;
(ii) shall be on or after the date of termination; and
(iii) may not be more than 90 days before or after the date the application is received by the office.
(b) A member may not be employed by a participating employer in the system established by this chapter on the retirement date selected under Subsection (2)(a)(i).