§ 396. Employer not liable for payment of benefits. Neither the\nstate, nor state university, nor any electing employer or its local\nsponsor shall be a party to any contract purchased in whole or in part\nwith contributions made under the optional retirement program\nestablished and administered pursuant to this article. No retirement,\ndeath, or other benefits shall be payable by the state, or by state\nuniversity, or by any electing employer or its local sponsor under such\noptional retirement program. Such benefits shall be paid to electing\nemployees or their beneficiaries by the designated insurer or insurers\nin accordance with the terms of their contracts.\n
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