(a) To be eligible to serve as an executive trustee a person must be a chief executive officer, chief finance officer, or other officer, executive, or department head of a participating municipality.
(b) To be eligible to serve as an employee trustee a person must be an employee of a participating municipality.
(c) Two or more trustees serving concurrently may not be employed by or serve the same municipality.
(d) A trustee is immediately disqualified from serving as a trustee if the trustee ceases to satisfy the requirements of this section.