(1) A person who is appointed or elected as a member of the Legislative Assembly and who is not a member of the Public Employees Retirement System at the time of the appointment or election:
(a) May not become a member of the Public Employees Retirement System for the purpose of service in the Legislative Assembly.
(b) May elect to become a legislator member of the state deferred compensation plan under ORS 237.655 for the purpose of service in the Legislative Assembly.
(2) An election under this section does not affect the ability of a person appointed or elected as a member of the Legislative Assembly to participate in the state deferred compensation plan in the manner provided by ORS 243.401 to 243.507 as other than a legislator member under ORS 237.655.