(1) Each unit of the university system shall provide the teachers' retirement board with a monthly report of all members participating in the optional retirement program and remit the employer contributions due. The report shall contain the following and be in alphabetical order:

(a) last name, first name;

(b) social security number;

(c) salary earned.

(2) Members of the Montana university system, electing to participate in the optional retirement program, will not be eligible for retirement benefits under Title 19, chapter 4, parts 8 and 9 until they have terminated their employment.

(3) Retirees returning to employment within a unit of the university system and electing to participate in the optional retirement program will be reinstated to the status of an inactive vested member of the teachers' retirement system and their monthly benefit will be cancelled.