(1) The Department of Career Education shall contribute to the alternate retirement plan on behalf of each participating staff member an amount equal to the contribution made by the State of Arkansas for persons participating in the retirement system.
(2) Each staff member shall also contribute to the alternate retirement plan an amount equal to the maximum allowable member contribution under the retirement system or, at the option of the staff member, additional amounts allowable under the alternate retirement plan.
(3) Payment of contributions by the department which are authorized by the provisions of this section shall be made by the disbursing officer of the department.
(4) All staff members who elect to participate in the alternate retirement plan shall so notify the State Board of Workforce Education and Career Opportunities in writing.
(5) The board shall establish a procedure for notifying the state official charged with paying the salaries of staff members, which official shall cause staff members' contributions to be withheld and forwarded to the company approved by the board and designated by the staff member.