(a)  Any full-time correctional officer employed by the department of corrections including all ranks up to, and including, deputy assistant director of adult services shall be eligible for the plan as established in this chapter, provided he or she accumulates the requisite number of points under the schedule set forth in § 42-56.1-3 and, provided further, that the eligible member agrees, in writing, to remain as an eligible staff member of the department of corrections for the length of time as specified according to the following formula:

(b)  If the employee retires or fails to complete his or her employment as indicated above, he or she will forfeit that portion of his or her incentive pay, computed from the date of employment termination up to, and including, the final date of employment obligation, pursuant to the above formula.

(c)  Eligible staff members, enrolled in courses defined herein on May 21, 1975, must obtain an A.S. degree, or its equivalent, within four (4) years of October 29, 1974 or a B.S. degree within eight (8) years of October, 1974. Failure to achieve the A.S. or B.S. within the specified time shall make the member ineligible for further educational incentive payments.

(d)  Thereafter, eligible staff members, in order to qualify for educational incentive payments, who enroll in a course leading to an A.S., or its equivalent, or a B.S. degree, or its equivalent, must complete those courses and obtain their degrees within four (4) years of their enrollment in the case of A.S. degrees and eight (8) years of their enrollment in the case of B.S. degrees.