(a) An employer participating in the Tennessee consolidated retirement system shall allow the dissemination of information and educational materials developed by a private entity regarding the entity's alternative retirement plans and life contracts to its employees on the employer's premises, but outside an employee's official duty hours, through direct contact with the private entity's representatives.
(b) An alternative retirement plan offered by a private entity as described in subsection (a) must be the functional equivalent of a qualified retirement plan, including, but not limited to, a plan qualified under Section 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b) of the Internal Revenue Code (U.S.C. title 26).