(a) If a mutual insurance company is established pursuant to this article, a person who:
(1) Is employed on January 1, 2005, by the commission;
(2) Was employed by the commission upon its termination; and
(3) Is laid off by the company on or before June 30, 2008, is entitled to be placed on an appropriate reemployment list maintained by the Department of Personnel and to be allowed a preference on that list. The Department of Personnel shall maintain such an employee on the reemployment list indefinitely, or until the employee has declined three offers of employment at a paygrade substantially similar to that of his or her position upon termination of the commission, or until he or she is reemployed by the executive branch of state government, whichever occurs earlier.
(b) The executive director may select former bureau of employment program employees who are, upon the termination of the commission, employees of the office of information services and communication and who enter into an employment contract with the company before December 1, 2005, to become employees of the company and said employees shall be afforded the benefits of this section.
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