(a) The Corporation shall:
(1) 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 Corporation'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 Corporation into the Treasury of the Virgin Islands as miscellaneous receipts;
(2) Make contributions, pursuant to Title 3, section 638, of this Code, to the cost of premium or subscription charges for employee health insurance coverage under subchapter VIII of Title 3 of this Code;
(3) Be deemed an employing unit for purposes of unemployment insurance, as defined in Title 24, section 302(j)(1), of this Code, and the Corporation shall make payments to the Unemployment Insurance Subfund and the Unemployment Insurance Administration Subfund in lieu of contributions in the same manner provided for the Government of the Virgin Islands by Title 24, section 308(d), of this Code.
(b) All employees who hold permanent positions at the Corporation shall be covered in accordance with the provisions of the Employees Retirement System of the Government of the Virgin Islands; provided that teaching, administrative faculty and other personnel of the University who are also employees of the Corporation who are eligible for coverage by the Teacher's Insurance and Annuity Association or other similar retirement systems may either join the Government Employees Retirement System or the Teacher's Insurance and Annuity Association or other similar retirement system, or if such an employee has prior credited service in the Government Employees Retirement System, he may upon employment with the Corporation elect to remain in the Government Employees Retirement System or join the Teacher's Insurance and Annuity Association or other similar retirement systems.