N.Y. Education Law § 391: Optional retirement program established

§ 391. Optional retirement program established. 1. There is hereby

established an optional retirement program which shall provide for the

purchase of contracts providing retirement and death benefits for or on

behalf of electing employees. Under such program the state or an

electing employer and such employees shall contribute, to the extent

authorized or required, towards the purchase of such contracts, which

shall be issued to, and become the property of, such employees. The

board of trustees of a community college may elect to offer the optional

retirement program to eligible employees of such college by resolution,

which shall become effective upon approval of the local sponsor acting

through its local legislative body or board or other appropriate

governing agency.

2. The board shall designate the insurer or insurers to which payment

of such contributions may be made and shall approve the form and content

of such contracts. In making such designation and giving such approval

the board 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 article,

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

interests of electing employees and to the interests of state university

and of electing employers 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 board is hereby authorized to provide for the administration of

such optional retirement program and to perform or authorize the

performance of such functions as may be necessary for such purposes in

accordance with this article.