49-17-401. Eligibility for an allowance -- Date of retirement -- Qualifications.
(1) A member is qualified to receive an allowance when: the member has a bona fide termination of employment before the member's retirement date and provides evidence of the termination; the member has submitted to the office a retirement application form that states the member's proposed retirement date; and one of the following conditions is met as of the member's retirement date: the member has accrued at least six years of service credit and has attained an age of 70 years; the member has accrued at least 10 years of service credit and has attained an age of 62 years; the member has accrued at least 20 years of service credit and has attained an age of 55 years; or the member has accrued at least 25 years of service credit.
(2) The member's retirement date: shall be the 1st or the 16th day of the month, as selected by the member; shall be on or after the date of termination; and may not be more than 90 days before or after the date the application is received by the office. 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)