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(a) To participate in the Teacher Deferred Retirement Option Plan, the member shall submit a plan application on a form required by the Board of Trustees of the Arkansas Teacher Retirement System.
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(b)
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(1) The member’s plan application shall be reviewed by the Arkansas Teacher Retirement System within a reasonable period of time to determine whether or not the member meets the eligibility requirements under this subchapter.
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(2) The member’s plan date shall be July 1 next following the determination that the member is eligible for plan participation.
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(3) A plan application received by the system after May 31 before the beginning of a fiscal year on July 1 shall not be eligible for participation in the plan until the following July 1.
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(c) The member may withdraw his or her plan application if notice to withdraw is received by the system no later than two (2) calendar months after the member’s plan date.
