§ 181. Education department optional retirement program established.
1. There is hereby established an education department optional
retirement program which shall provide for the continuation of contracts
providing retirement and death benefits for or on behalf of electing
employees. Under such program the state and such employees shall
contribute, to the extent authorized or required, towards the
continuation of such contracts, which shall have been issued to and
shall have previously become the property of such employees.

2. The commissioner shall, in his discretion, designate the insurer or
insurers to which payment of such contributions under this article may
be made and shall approve the form and content of such contracts. In
making such designation and giving such approval the commissioner shall
give due consideration to (i) the nature and extent of the rights and
benefits to be provided by such contracts for electing employees and
their beneficiaries, (ii) the relation of such rights and benefits to
the amount of contributions to be made under this part V of this
article, (iii) the suitability of such rights and benefits to the needs
and interests of electing employees and to the interests of the
department in the employment and retention of eligible employees, and
(iv) the authority and ability of the designated insurer or insurers to
provide rights and benefits under such contracts.

3. The commissioner is hereby authorized to provide for the
administration of such education department optional retirement program
and to perform or authorize the performance of such functions as may be
necessary for such purposes in accordance with this part V of this
article.