(a) The institution may offer incentive retirement plans to employees of the institution who elect to retire under other state law.
(b) An incentive offered to an employee by the institution must be paid from institutional funds or hospital or clinic fees.

(c) An institutional plan providing for incentive retirement plans must be filed with the Legislative Budget Board not later than the 61st day before the date the plan is implemented.
(d) The institution may not rehire an employee receiving a retirement incentive under this section without the specific approval of the president.