Any plan which is determined pursuant to such a collective bargaining agreement to be consistent with the requirements of section 340.4 of this Part shall be implemented by the chancellor as soon as the governing board of such plan is elected pursuant to section 340.4(c)(2) of this Part or convened by the chancellor should an election not occur, or within 45 days after a determination made pursuant to the applicable collective bargaining agreement, whichever is earlier. The chancellor shall provide written certification to the Director of the State Division of the Budget, the Director of the Governor's Office of Employee Relations, the State Comptroller and the certified representative of employees in the Professional Services Negotiating Unit that any plan consistent with the requirements of section 340.4 of this Part has been implemented.