A. There is established an optional retirement plan for the following classes of employees covered by this Subpart who are eligible for membership in the Teachers' Retirement System of Louisiana:
(1) The academic and administrative employees of public postsecondary education institutions.
(2) The employees of the Board of Regents, Board of Supervisors for the University of Louisiana System, Board of Supervisors of Louisiana State University and Agricultural and Mechanical College, Board of Supervisors of Southern University and Agricultural and Mechanical College, and Board of Supervisors of Community and Technical Colleges, or their successors, and any other constitutionally established board which manages public postsecondary education institutions.
B. Any person covered by the provisions of Paragraph (A)(2) of this Section shall be required to pay the annual actuarial cost of participating in the optional retirement plan.