(a) In carrying out any transfer of the University of Tennessee Memorial Research Center and Hospital under this part, the board of trustees shall make reasonable efforts to provide for the transition of employees from state to nonstate employment in an orderly and equitable manner.

(b) With respect to employees previously employed by the University of Tennessee Memorial Research Center and Hospital, the private nonprofit hospital created pursuant to this part shall provide:

(1) A defined insurance and leave benefits package that is equivalent to or better than the benefits package previously enjoyed by employees of the University of Tennessee Memorial Research Center and Hospital; and

(2) A deferred compensation program and a defined fixed-benefits retirement plan that is equivalent to or better than the deferred compensation program and retirement plan available to participants within the Tennessee consolidated retirement system.

(c) Any person employed by the University of Tennessee Memorial Research Center and Hospital on June 13, 1997, shall continue to be eligible for the same tuition reduction authorized to any other employee of the University of Tennessee to the same extent the person was entitled to receive tuition reduction while employed by the University of Tennessee Memorial Research Center and Hospital as long as that person remains an employee of the private nonprofit hospital created pursuant to this part.

(d) For those employees employed by the University of Tennessee Memorial Research Center and Hospital, it is the legislative intent that the private nonprofit hospital created pursuant to this part shall provide compensation at least equivalent to their current compensation and shall make reasonable allowance for their accumulated benefits (i.e., sick leave, vacation, educational benefits, etc.) that the employees were eligible for at the time of the transfer.

(e) With respect to employees previously employed by the University of Tennessee Memorial Research Center and Hospital, the private nonprofit hospital created pursuant to this part shall only impose personnel terminations, layoffs, suspensions or demotions for cause and shall provide affected employees with due process rights and procedures that are equivalent to or better than the due process rights and procedures that the employees previously enjoyed as employees of the University of Tennessee Memorial Research Center and Hospital.