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The nonprofit partner shall be eligible to be a participating employer in the Tennessee consolidated retirement system upon passage of a resolution by the nonprofit's board of directors authorizing:
An actuarial study; and
Participation, and accepting the liability as a result of the participation, by its full-time employees.
The employees of the nonprofit partner must make the same contributions, participate in the same manner, and are eligible for the same benefits as employees of local governments participating in the retirement system under title 8, chapter 35, part 2.
The employees of the nonprofit partner are entitled to credit for prior service, as approved by the board of directors of the nonprofit, under the same provisions that apply to employees of local governments.
The retirement system is not liable for the payment of retirement allowances or other payments on account of employees of the nonprofit partner, or the beneficiaries of such employees, for which reserves have not been previously created from funds contributed by the nonprofit partner, its employees, or the nonprofit partner and its employees.
In case of the withdrawal of the nonprofit partner as a participating employer, the benefits of the members and beneficiaries shall be determined in accordance with § 8-35-211.
All costs associated with retirement coverage, including administrative costs, are the responsibility of the nonprofit partner.