(a) The board of each college or university, or the Arkansas Higher Education Coordinating Board, shall designate the companies from which contracts are to be purchased under the alternate retirement plan and shall approve the form and contents of the contracts.
(b) In making the designation and giving the approval, the board or state board shall give due consideration to:
(1) The nature and extent of the rights and benefits to be provided by the contracts for staff members and their beneficiaries;
(2) The relation of the rights and benefits to the amount of contributions to be made pursuant to the provisions of this subchapter;
(3) The suitability of the rights and benefits to the needs of the staff members and the interests of the college in the recruitment and retention of staff members; and
(4) The ability of the designated company or companies to provide the suitable rights and benefits under the contracts.