To be eligible for age and service retirement or disability retirement under the Arkansas Teacher Retirement System, a member shall:

1. (1) Satisfy the credited service requirements under one (1) of the retirement statutes, Arkansas Code §§ 24-7-701 – 24-7-707;
2. (2) Be credited with all required covered employer and member contributions in the member’s deposit account, with no amounts owed to the system;

3. (3) Pay all amounts owed to the system for:

   1. (A) Underpayments;
   2. (B) Overpayments; or
   3. (C) Purchase service accounts; and
4. (4) Terminate employment with each of his or her covered employers or reach the normal retirement age.