(1) A retiree who belongs to an employer sponsored group insurance plan that provides for retirees to continue participation, may elect to have monthly premiums withheld from their retirement allowance.

(2) Retirees must enroll in such plans through their previous employers.

(3) The employer will provide the following information to the teachers' retirement board:

(a) Certification of eligibility for all retirees electing to have the premium withheld from the monthly retirement allowance.

(b) Name, social security number, carrier and monthly premium amount for each retiree.

(4) Notification of changes in the premium amount shall be provided by employer to both the retiree and the teachers' retirement board 30 days prior to the effective date.

(a) If 30 days notification cannot be provided to the teachers' retirement board, the employer must make arrangements with the retiree for payment of the correct premium amount.