(1) Each governing board that makes a determination to establish one or more optional retirement plans at a state college or university which is under such governing board's jurisdiction shall set the terms and conditions of such optional retirement plan or plans. Benefits under any such optional retirement plans may be provided through annuity contracts, certificates, a combination of annuity contracts or certificates, or similar instruments or contracts and may be fixed or variable in nature. Any such optional retirement plans may provide retirement and death benefits.
(2) Each governing board that establishes one or more optional retirement plans at any state college or university shall:
Provide for the administration of such optional retirement plans; and
Designate from time to time the company or companies from which contracts forsuch optional retirement plans shall be purchased. In designating such company or companies, the governing boards shall take into consideration:
The nature and extent of the rights and benefits to be provided by such contracts forthe eligible employees electing to participate in such optional retirement plans and for the beneficiaries of such eligible employees;
The relation of such rights and benefits to the amount of contributions to be made;
The suitability of such rights and benefits to the needs and interests of eligible employees electing to participate in such optional retirement plans and to the interests of such state college or university in the employment and retention of eligible employees;
The ability of the designated company or companies to provide the required rightsand benefits under the contract or contracts for such optional retirement plans; and
The efficacy of such contracts in the recruitment and retention of faculty and administrators at such state college or university.
Source: L. 92: Entire article added, p. 572, § 2, effective July 1.