N.Y. Banking Law § 477: Retirement and insurance benefits for officers and employees

§ 477. Retirement and insurance benefits for officers and employees.

1. Subject to such regulations as the superintendent of financial

services may prescribe, a credit union may, in the discretion of a

majority of all the board of directors, provide to officers and

employees retirement benefits, deferred compensation programs and other

employee benefit plans.

2. A credit union investing to fund a retirement benefit, deferred

compensation program or other benefit plan for its officers and

employees shall not be subject to or limited by the investment

provisions set forth in subdivision eighteen of section four hundred

fifty-four of this article so long as the investment is directly related

to the benefit plan, and any obligation or potential obligation

thereunder, and the credit union holds the investment for as long as it

provides such benefit plan or has any actual or potential obligation

thereunder.