N.Y. Banking Law § 250: Pensions; insurance

§ 250. Pensions; insurance. Subject to such regulations as the

superintendent of financial services may prescribe, a savings bank may,

in the discretion of a majority of all the trustees:

1. Provide pensions to officers and employees pursuant to a

nondiscriminatory plan for service rendered to the savings bank or for

having become incapacitated while in service to the savings bank,

including annual supplements to retirees based upon the "current cost of

living index figure" for any calendar year based upon the Consumer Price

Index as issued by the bureau of labor statistics of the United States

department of labor.

2. Provide life insurance for its officers and employees, provided

that life insurance is not purchased solely for or on behalf of officers

and highly compensated employees.