(1) If an employer voluntarily terminates its participation in or contributions to the retirement system or significantly reduces the number of full-paid members it employs to a degree that, in the board's opinion, inadequately funds the accrued or accruing benefits of retirement system members, the board shall request an actuarial valuation of the liabilities of the employer to the retirement system.
(2) Based on the actuarial valuation, the board may hold the employer liable for:
(a) the cost of the actuarial valuation to determine the employer's liabilities to the retirement system; and
(b) any excess accrued liabilities not previously funded by the employer.