(a) The university shall contribute on behalf of each employee participating in the program an amount established by the board.
(b) An employee participating in the program shall contribute to the program an amount established by the board.
(c) The board may specify that contributions required by this section are made by a reduction in salary under 26 U.S.C. 403(b) or 26 U.S.C. 414(h)(2) (Internal Revenue Code).
(d) The financial officer of the university shall pay the contributions authorized or required by this section to the designated company or companies for the benefit of each participant.