(1) Employees of Arkansas Valley Technical Institute as of June 30, 2003, who are eligible for payment of accrued sick leave upon retirement or death under § 21-4-501 shall retain that benefit.
(2) This benefit shall be paid upon the employee's retirement or death from the funds restricted to expenditures in support of Arkansas Valley Technical Institute.
(3) Individuals employed after June 30, 2003, shall not be entitled to receive compensation under § 21-4-501.
(4) Employees of Arkansas Valley Technical Institute as of June 30, 2003, who are enrolled in the alternative retirement plan and are receiving a retirement match of twelve percent (12%) shall retain the benefit.
(5) Individuals employed after June 30, 2003, shall not be entitled to enroll in the alternative retirement program.