(a) In accordance with the provisions of this article, the Consolidated Public Retirement Board shall effect the voluntary transfer of members of the Teachers' Defined Contribution Retirement System to the state Teachers Retirement System.
(b) If at least sixty-five percent of actively contributing members of the Teachers' Defined Contribution System affirmatively elect to transfer to the state Teachers Retirement System within the period provided in section seven of this article, then the Consolidated Public Retirement Board shall transfer to the state Teachers Retirement System, effective July 1, 2008, all members who affirmatively elected to do so during that period. If at least sixty-five percent of actively contributing members of the Teachers' Defined Contribution Retirement System do not affirmatively elect to transfer to the state Teachers Retirement System within that period, the Defined Contribution Retirement System continues as the retirement system for all members in that system as of June 30, 2008.