Except as otherwise expressly provided by law, should any department, agency or instrumentality of a participating political subdivision become a separate local governmental entity from the political subdivision, the employees of such entity shall not be entitled to future membership in the retirement system on account of continued service with the entity unless the chief governing body of the entity elects to become a participating employer pursuant to § 8-35-201. Upon such election, the chief governing body of the political subdivision may request the retirement system to have an actuarial study conducted to determine the share of the assets of the retirement system attributable to contributions of the political subdivision which would be needed for the entity to maintain a comparable employer contribution rate or funding level as the political subdivision. Upon receipt of the actuarial study, the chief governing body of the political subdivision shall have the authority to pass and file with the retirement system a resolution requesting that such amount be transferred from the credit of the political subdivision to the entity. Any amount so transferred shall be used to pay the annuities of the entity's employees and shall be considered assets of the entity for all other purposes pursuant to chapters 34-37 of this title.
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