(a) In lieu of terminating employment and accepting a service retirement benefit pursuant to § 24-7-101 et seq., any person who is a member of the Arkansas Teacher Retirement System and who meets the conditions specified in subsection (b) of this section may elect to participate in the Teacher Deferred Retirement Option Plan and to defer the receipt of retirement benefits in accordance with the provisions of this subchapter.
(b) The condition required for participation in the plan is that the member must have at least thirty (30) years of service credit in the system.
(c) The Board of Trustees of the Arkansas Teacher Retirement System may promulgate rules necessary for the orderly administration of the plan, including without limitation the rules for eligibility for continuance of deposits for part-time employment.