(A) As long as there is no impact on state appropriations and subject to approval by the governing body of the public institution of higher education, the institution may implement an early retirement plan for its faculty to accomplish the following objectives:

1. (1) reallocate institutional resources;
2. (2) provide an equitable method to increase the flexibility of the institution to effect cost-saving measures;
3. (3) foster intellectual renewal;
4. (4) provide increased opportunities for promotion of a younger faculty;
5. (5) improve the opportunity to recruit qualified women and minorities.

(B) An early retirement plan may include provisions for institutions to pay:

1. (1) actuarial costs required by Sections 9-1-1850 and 9-11-60;
2. (2) health, dental, and life insurance costs;
3. (3) incentive payments;
4. (4) the costs of single premium annuity plans to provide supplemental benefits.