Termination of Coverage. Coverage by the Social Security Act may be terminated by sending a written notice of termination to the federal administrator. The termination is effective if:

1. (1) the notice is filed two (2) years before the time of termination; and

2. (2) the employees have been covered for five (5) years or more before the date on which the federal administrator receives the notice.

   As added by Acts 1977, P.L.53, SEC.1.