1. (1) A member is qualified to receive an allowance when:

   1. (a) the member has a bona fide termination of employment before the member's retirement date and provides evidence of the termination;
   2. (b) the member has submitted to the office a retirement application form that states the member's proposed retirement date; and

   3. (c) one of the following conditions is met as of the member's retirement date:

      1. (i) the member has accrued at least six years of service credit and has attained an age of 70 years;
      2. (ii) the member has accrued at least 10 years of service credit and has attained an age of 62 years;
      3. (iii) the member has accrued at least 20 years of service credit and has attained an age of 55 years; or
      4. (iv) the member has accrued at least 25 years of service credit.

2. (2)

   1. (a) The member's retirement date:

      1. (i) shall be the 1st or the 16th day of the month, as selected by the member;
      2. (ii) shall be on or after the date of termination; and
      3. (iii) may not be more than 90 days before or after the date the application is received by the office.
   2. (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).

Amended by Chapter 98, 2026 General Session