(1) The department or any governing board shall, upon making a determination to establish a student employee retirement plan at a state college or university, set the terms and conditions of such plan.
(2) Upon establishing a student employee retirement plan, the department or any governing board shall:
Provide for the administration of such plan; and
Designate from time to time the organization or organizations from which contractsfor such student employee retirement plan shall be purchased. In designating such an organization or organizations, the department or governing board shall take into consideration:
The nature and extent of the rights and benefits to be provided by such contracts foreligible student employees participating in such plan and for the beneficiaries of such eligible student 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 student employees participating in such plan and to the interests of the department or such state college or university; and
The ability of the designated organization or organizations to provide the requiredrights and benefits under the contract or contracts for such student employee retirement plan.
Source: L. 93: Entire article added, p. 1870, § 2, effective June 6.