The administrator shall establish a teachers’ and public employees’ retiree health reimbursement arrangement plan trust fund in which the assets of the plan shall be deposited and held. The retiree health reimbursement arrangement plan trust fund may be a sub-trust of the Alaska retiree health care trust established under Alaska Stat. § 39.30.097(b). The administrator has the same powers and duties with regard to the plan and the trust fund as provided in Alaska Stat. § 14.25.003 and 14.25.004.