N.Y. Education Law § 181: Education department optional retirement program established

§ 181. Education department optional retirement program established.

1. There is hereby established an education department optional

retirement program which shall provide for the continuation of contracts

providing retirement and death benefits for or on behalf of electing

employees. Under such program the state and such employees shall

contribute, to the extent authorized or required, towards the

continuation of such contracts, which shall have been issued to and

shall have previously become the property of such employees.

2. The commissioner shall, in his discretion, designate the insurer or

insurers to which payment of such contributions under this article may

be made and shall approve the form and content of such contracts. In

making such designation and giving such approval the commissioner shall

give due consideration to (i) the nature and extent of the rights and

benefits to be provided by such contracts for electing employees and

their beneficiaries, (ii) the relation of such rights and benefits to

the amount of contributions to be made under this part V of this

article, (iii) the suitability of such rights and benefits to the needs

and interests of electing employees and to the interests of the

department in the employment and retention of eligible employees, and

(iv) the authority and ability of the designated insurer or insurers to

provide rights and benefits under such contracts.

3. The commissioner is hereby authorized to provide for the

administration of such education department optional retirement program

and to perform or authorize the performance of such functions as may be

necessary for such purposes in accordance with this part V of this

article.