Section 6251. Optional retirement program established

1. There is hereby
  established an optional retirement program which shall provide  for  the
  purchase  of contracts providing retirement and death benefits for or on
  behalf of electing employees. Under  such  program  the  city  and  such
  employee shall contribute, to the extent authorized or required, towards
  the purchase of such contracts, which shall be issued to, and become the
  property  of,  such employees. The board may elect to offer the optional
  retirement program to eligible  employees  by  resolution,  which  shall
  become effective upon approval by the mayor of the city of New York.
    2.  The board shall designate the insurer or insurers to which payment
  of such contributions may be made and shall approve the form and content
  of such contracts. In making such designation and giving  such  approval
  the  board  shall give due consideration to (i) the nature and extent of
  the rights and benefits to be provided by such  contracts  for  electing
  employees  and their beneficiaries, (ii) the relation of such rights and
  benefits to the amount of contributions to be made under  this  article,
  (iii)  the  suitability  of  such  rights  and benefits to the needs and
  interests of electing  employees  and  to  the  interests  of  the  city
  university  in  the  employment  and retention of eligible employees and
  (iv) the authority and ability of the designated insurer or insurers  to
  provide rights and benefits under such contracts.
    3. The board is hereby authorized to provide for the administration of
  such  optional  retirement  program  and  to  perform  or  authorize the
  performance of such functions as may be necessary for such  purposes  in
  accordance with this article.