(1) The trustee of the part 4 corporation's qualified retirement plan shall transfer all reserves to the authority's qualified retirement plan as soon as practicable after the authority's transfer date and consistent with sound actuarial practices.

(2) (a) (I) The reserves held by PERA which are due and payable to the part 4 corporation shall remain with PERA to the extent and in the amount necessary to enable the authority to make the contributions to PERA provided for in section 23-21-603 (1)(b), (2)(b), (3)(b), or (5)(b).

(II) Any remaining reserves held by PERA which are due and payable to the part 4 corporation, including interest as determined by mutual agreement of the trustees of PERA and the board of directors of the authority, shall be transferred to the authority's qualified retirement plan as soon as practicable and consistent with sound actuarial practices.

(b) If the reserves held by PERA which are due and payable to the part 4 corporation are not sufficient to enable the authority to make the contributions to PERA provided for in section 23-21-603 (1)(b), (2)(b), (3)(b), or (5)(b), the authority shall transfer such additional amount to PERA plus interest as determined by mutual agreement of the trustees of PERA and the board of directors of the authority.

(3) Any employer and employee contributions under the "Federal Insurance Contributions Act", as amended, which are refunded pursuant to section 23-21-603 (1)(b), (2)(b), (3)(b), or (5)(b) shall be payable to the authority's qualified retirement plan.

(4) All expenses incurred for the preparation of actuarial reports pursuant to this section shall be paid by the authority. Any such actuarial reports shall be available to the authority upon request.