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Any educational cooperative established as a separate legal entity under § 49-2-1304 may, by resolution duly adopted by its governing body, elect to authorize its employees to participate in the retirement system, subject to rules and regulations prescribed by the board of trustees.
The employer contribution for employees who are teachers, as defined in chapter 34, part 1 of this title, shall be paid by the state as in the case of teachers employed in local school systems.
If the governing body elects to authorize its employees who are not teachers, as defined in chapter 34, part 1 of this title, to participate, then the employer contribution for such employees shall be paid by the educational cooperative out of whatever funds are available to it for such purpose.
The member employees who are not teachers shall have no voice in the election of the board of trustees.
Teachers may establish prior service in the retirement system for the time they have been employed by the cooperative, upon paying into the system the contributions which they would have made had they been members, plus interest as determined by the board of trustees.