§ 391. Optional retirement program established. 1. There is hereby\nestablished an optional retirement program which shall provide for the\npurchase of contracts providing retirement and death benefits for or on\nbehalf of electing employees. Under such program the state or an\nelecting employer and such employees shall contribute, to the extent\nauthorized or required, towards the purchase of such contracts, which\nshall be issued to, and become the property of, such employees. The\nboard of trustees of a community college may elect to offer the optional\nretirement program to eligible employees of such college by resolution,\nwhich shall become effective upon approval of the local sponsor acting\nthrough its local legislative body or board or other appropriate\ngoverning agency.\n 2. The board shall designate the insurer or insurers to which payment\nof such contributions may be made and shall approve the form and content\nof such contracts. In making such designation and giving such approval\nthe board shall give due consideration to (i) the nature and extent of\nthe rights and benefits to be provided by such contracts for electing\nemployees and their beneficiaries, (ii) the relation of such rights and\nbenefits to the amount of contributions to be made under this article,\n(iii) the suitability of such rights and benefits to the needs and\ninterests of electing employees and to the interests of state university\nand of electing employers in the employment and retention of eligible\nemployees, and (iv) the authority and ability of the designated insurer\nor insurers to provide rights and benefits under such contracts.\n 3. The board is hereby authorized to provide for the administration of\nsuch optional retirement program and to perform or authorize the\nperformance of such functions as may be necessary for such purposes in\naccordance with this article.\n
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