N.Y. Education Law § 6251: Optional retirement program established

§ 6251. 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 city and such

employee 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 may elect to offer the optional

retirement program to eligible employees by resolution, which shall

become effective upon approval by the mayor of the city of New York.

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 the city

university 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.