Section 101:5 - Plans for Coverage of Employees of Political SubdivisionsI.Each political subdivision of the state is hereby authorized to submit for approval by the state agency a plan for extending the benefits of title II of the Social Security Act, in conformity with applicable provisions of such act, to employees of such political subdivision. Each such plan and any amendment thereof shall be approved by the state agency if it finds that such plan, or such plan as amended, is in conformity with such requirements as are provided in rules of the state agency, except that no such plan shall be approved unless: (1) It is in conformity with the requirements of the Social Security Act and with the agreement entered into under RSA 101:3;(2) It provides that all services which constitute employment as defined in RSA 101:2 and are performed in the employ of the political subdivision by employees thereof, shall be covered by the plan;(3) It specifies the source or sources from which the funds necessary to make the payments required by subparagraph III(1) are expected to be derived and contains reasonable assurance that such sources will be adequate for such purpose;(4) It provides for such methods of administration of the plan by the political subdivision as are found by the state agency to be necessary for the proper and efficient administration of the plan; and(5) It provides that the political subdivision will make such reports, in such form and containing such information, as the Internal Revenue Service may from time to time require, and comply with such provisions as the Internal Revenue Service or Commissioner of Social Security may from time to time find necessary to assure the correctness and verification of such reports.II.The state agency shall not finally refuse to approve a plan submitted by a political subdivision under paragraph I without reasonable notice and opportunity for hearing to the political subdivision affected thereby.III.(1) Each political subdivision as to which a plan has been approved under this section shall pay, with respect to wages, at such time or times as the Internal Revenue Service may by regulation prescribe, contributions in the amounts and at the rates specified in the applicable agreement entered into by the state agency under RSA 101:3.(2) Each political subdivision required to make payments under subparagraph (1) of this paragraph is authorized, in consideration of the employee's retention, or entry upon, employment after enactment of this chapter, to impose upon each of its employees, as to services which are covered by an approved plan, a contribution with respect to wages not exceeding the amount of the employee tax which would be imposed by the Federal Insurance Contributions Act if such services constituted employment within the meaning of that act, and to deduct the amount of such contribution from wages as and when paid. Contributions so collected shall be paid to the Internal Revenue Service in partial discharge of the liability of such political subdivision or instrumentality under subparagraph (1) of this paragraph. Failure to deduct such contribution shall not relieve the employee or employer of liability therefor.