(a) Any state employee may authorize deductions for contributions to the volunteer public education trust fund, established by § 49-3-403, to be made from the employee's compensation. These deductions shall be in addition to those permitted by other sections of this title.

(b) To authorize deductions for contributions to the education trust fund, the state employee shall complete an authorization form which shall contain the employee's signature and the following information:

(1) Employee's name;

(2) Employee's social security number;

(3) State agency of employment;

(4) Facility or location of employment;

(5) The amount to be deducted each month for contribution to the education trust fund; and

(6) The following statement: “I, the undersigned, understand that this authorization is to become effective immediately. I understand that I may revoke, alter, or amend this authorization by written notification at any time.”

(c) The deductions for contributions to the education trust fund authorized pursuant to this section shall be made from the compensation of an employee on the first payday of each month.

(d) Any employee who authorizes deductions for contributions to the education trust fund as provided in this section may, at any time, revoke, alter or amend the authorization for payroll deduction.

(e) The state treasurer, in conjunction with the commissioner of finance and administration, shall promulgate rules and regulations governing the procedures for the deductions of contributions to the education trust fund and the acceptance of the contributions by the education trust fund.