(a) In accordance with state and federal requirements, a political subdivision that has an approved plan for social security coverage shall:
(1) make deductions from wages of employees whose services are covered by the plan; and
(2) pay matching contributions from the funds from which covered employees receive their compensation.
(b) The employment or continued employment of an employee covered by an approved plan of a political subdivision is consideration for the deductions.
(c) An employee or a political subdivision is not relieved from liability for a contribution if the political subdivision fails to deduct the contribution from the employee's wages.
(d) The county treasurer, or the person who acts as treasurer in a political subdivision other than a county, shall assess and collect the required contributions and transmit the contributions in accordance with federal requirements for the filing of reports and the payment of contributions.