Section 2040-K. Transfer of officers and employees

Any public officer or
  employee selected  by  the  authority  may,  with  the  consent  of  the
  municipality by which he or she has been employed, be transferred to the
  authority and shall be eligible for such transfer to the authority.  The
  salary or compensation of any such officer or employee shall, after such
  transfer,  be  paid  and  fixed  by  the  authority. Notwithstanding the
  provisions of this title any such officers or employees  so  transferred
  to  the  authority  pursuant  to the provisions of this section, who are
  members of or beneficiaries under any  existing  pension  or  retirement
  system,  shall  continue to have all rights, privileges, obligations and
  status with respect to such fund system or systems as are now prescribed
  by law, but during the period of their employment by the authority,  all
  contributions  to  any  pension  or  retirement system to be paid by the
  employer on account of such officers or employees, shall be paid by  the
  authority.