Section 13-568. Elections to participate in the variable annuity program; variable annuity savings fund and variable pension accumulation fund

a.  A contributor, by written notice of his or her intention to  participate
  in  the  variable  annuity program duly filed with the retirement board,
  may elect to have currently deposited and credited to his or her account
  in the variable annuity savings fund  such  portion  as  the  retirement
  board may permit by duly adopted rules and regulations of the deductions
  from  his  or  her salary that would otherwise be credited to his or her
  accumulated deductions. If a contributor  makes  such  an  election,  an
  equal  percentage  of the amount that would otherwise be credited to his
  or her reserve-for-increased-take-home-pay shall be currently  deposited
  and  credited to his or her account in the variable pension accumulation
  fund. The contributor or beneficiary shall  also  elect  the  particular
  variable  annuity  funds established by the retirement board pursuant to
  section 13-567 of this chapter in which  such  deductions  and  reserves
  shall be deposited and credited.
    b.  Pursuant  to  section 13-513 of this chapter, the retirement board
  may establish rules and regulations  applicable  to  similarly  situated
  contributors  and/or  beneficiaries with respect to the variable annuity
  funds, including, without limitation, rules and regulations governing:
    1. The percentage of deductions from salary that may be contributed to
  the variable annuity funds, and the  distribution  therefrom  among  the
  various  particular variable annuity funds that the retirement board may
  establish pursuant to section 13-567 of this chapter;
    2. Transfers of a contributor's  accumulated  deductions  between  the
  annuity   savings  fund  and  the  variable  annuity  savings  fund  and
  reserve-for-increased-take-home-pay between the contingent reserve  fund
  and the variable pension accumulation fund;
    3.       Transfers       of       accumulated      deductions      and
  reserve-for-increased-take-home-pay among the investment accounts  which
  the  retirement  board  may establish pursuant to section 13-567 of this
  chapter;
    4. Changes and revocations of elections made pursuant to subdivision a
  of this section;
    5.  Deposits  to  the  variable  annuity  savings   fund   of   monies
  attributable  to  a  contributor  who  has transferred from the board of
  education retirement system;
    c. In promulgating and administering rules and regulations pursuant to
  subdivision b of this section the retirement board shall take no  action
  that  would  render  the  retirement  system  not a qualified plan under