(1) The Career Education and Workforce Development Board may establish and maintain an alternate retirement plan which shall authorize the purchase of contracts providing retirement and death benefits for staff members.
(2) Under the plan, staff members shall contribute, to the extent authorized or required, toward the purchase of the contract, which shall be issued to and become the property of the participants.
(3) The alternate retirement plan shall be administered by the board pursuant to a written alternate retirement plan document, which shall be formally adopted by the board prior to the establishment of the alternate retirement plan.
(4) The board shall have the authority to administer all alternate retirement plans established pursuant to this subchapter and to perform or authorize the performance of all such functions as may be reasonably appropriate in their administration.