(a) All officials and employees of the System shall be covered by and subject to the Employees Retirement System of the Virgin Islands and the Workers' Compensation Administration Act. The System shall contribute to the Retirement System of the Government of the Virgin Islands its share of the cost of the retirement of the officials and employees on the basis of semiannual billings as determined by the Division of Personnel, Government of the Virgin Islands, and the contribution of officials and employees for retirement shall be deducted from the salaries in the same manner as in the case of regular employees of the Government of the Virgin Islands and shall be paid semiannually to the Retirement Fund of the Government of the Virgin Islands. The System shall also contribute to the Government Insurance Fund, on the basis of annual billings as determined by the Commissioner of Finance for the benefit payments made from such fund on account of the System's employees. The annual billings shall also include a statement of the fair portion of the cost of the Government Insurance Fund, which shall be paid by the System into the Treasury of the Virgin Islands as miscellaneous receipts.
(b) For purposes of unemployment compensation, the System shall be deemed an employing unit as defined in 24 V.I.C. § 302(j)(1) and the System shall make payments to the Unemployment Compensation Subfund and the Unemployment Compensation Administration Subfund in lieu of contributing in the same manner provided for the Government of the Virgin Islands by 24 V.I.C. § 308(d).