(a) If the earnings of an employee who elects to participate in a cafeteria plan are insufficient to pay the cost of the coverages and benefits selected by the employee, the employee is liable to the board of trustees for an amount equal to the difference between:
(1) the amount received by the board; and
(2) the cost of the coverages and benefits.
(b) If the employee does not pay the difference within the time specified by the board of trustees, the board may:
(1) cancel the coverages and benefits retroactive to the last month for which full payment was made; or
(2) pursue any other available legal remedy.