Any member having ten (10) or more years of creditable service, or four (4) or more years of creditable service for any member in an institution of higher learning who is separated from service may, in lieu of receiving the payment under § 49-1524 leave such payment in the members' contributions account until he has attained age sixty (60), at which time he shall be entitled to receive a retirement allowance calculated in the same manner as provided in § 49-1544.
T.C.A. § 49-1555