Any person entitled to make the election provided for in section 15-39.2-01 must be permitted, in the alternative, to accept a twenty percent increase in the person’s current annuity or, if the person has at least seventeen years of teaching credit under the teachers’ insurance and retirement fund, to accept a minimum monthly annuity of one hundred dollars plus five dollars per month for each additional year of teaching credit up to a maximum of twenty-five years. Nothing in this chapter may be interpreted to permit any person to elect benefits under more than one of the options offered in this chapter or to draw benefits concurrently under more than one retirement program.