< [Effective until July 1, 2002, this section reads as follows:] >

Each participant shall contribute monthly to the program the same amount which he would be required to contribute to the South Carolina Retirement System if he were a member of that system. Participant contributions may be made by payroll deduction, by a reduction in salary, or by employer pick up in accordance with any applicable provisions of the United States Internal Revenue Code. Each participating institution shall contribute on behalf of each participant the same amount it would be required to contribute to the South Carolina Retirement System if the participant were a member of that system. Each participating institution shall remit to the designated companies, for application to participants' contracts, an amount equal to the participant's contribution plus that percentage of each participating institution's contribution which would have been used to fund all retirement system benefits for future service if the participants had been members of the retirement system, but the participating institution's contribution may not be less than five percent of compensation. The participating institution shall remit the remainder of its required contribution to the retirement system.