"Statute provides that employees of the State's public hospitals whose positions are being abolished or who are directly affected by a reduction-in-force or workforce restructuring plan ... could... elect one of the following: ... [1] a one-time lump-sum cash payment ... or ... [2] a subsidized early retirement benefit under the Plan ... [If] Statute becomes effective, the election granted to the State employees under Statute with respect to the benefit they receive upon separation from service would constitute a cash or deferred election[.]"