§ 181 — Education department optional retirement program established

§ 181. Education department optional retirement program established.\n1. There is hereby established an education department optional\nretirement program which shall provide for the continuation of contracts\nproviding retirement and death benefits for or on behalf of electing\nemployees. Under such program the state and such employees shall\ncontribute, to the extent authorized or required, towards the\ncontinuation of such contracts, which shall have been issued to and\nshall have previously become the property of such employees.\n 2. The commissioner shall, in his discretion, designate the insurer or\ninsurers to which payment of such contributions under this article may\nbe made and shall approve the form and content of such contracts. In\nmaking such designation and giving such approval the commissioner shall\ngive due consideration to (i) the nature and extent of the rights and\nbenefits to be provided by such contracts for electing employees and\ntheir beneficiaries, (ii) the relation of such rights and benefits to\nthe amount of contributions to be made under this part V of this\narticle, (iii) the suitability of such rights and benefits to the needs\nand interests of electing employees and to the interests of the\ndepartment in the employment and retention of eligible employees, and\n(iv) the authority and ability of the designated insurer or insurers to\nprovide rights and benefits under such contracts.\n 3. The commissioner is hereby authorized to provide for the\nadministration of such education department optional retirement program\nand to perform or authorize the performance of such functions as may be\nnecessary for such purposes in accordance with this part V of this\narticle.\n