N.Y. Insurance Law § 4602: Creation of retirement systems

§ 4602. Creation of retirement systems. (a) The employees, an

employer, or the employees and employer jointly, may create a retirement

system by filing in the office of the superintendent a declaration of

their intention to do so, in a form approved by the superintendent,

subscribed and affirmed as true under the penalties of perjury by two

provisional trustees or officers of such system, and an authenticated

copy of the constitution, by-laws or declaration of trust adopted to

regulate the affairs of the system.

(b) Upon such filing the superintendent may, if satisfied that the

rates of contribution are adequate and that the plan of operation is

sound and equitable, issue a license, subject to the provisions of

section one thousand one hundred two of this chapter, authorizing the

retirement system to do the business described in the plan.

(c) A system shall have trustees who shall choose officers or agents

to carry on the business of the system. The by-laws or declaration of

trust of such a system shall prescribe the manner in which and the

officers or agents by whom the system may be conducted and the manner in

which its funds shall be collected and disbursed.

(d) The funds and investments of a system shall be held independently

of the funds and investments of the employer and of any other person.

The manner of investment of the funds of a system shall be limited in

every respect as in the case of the funds of a domestic life insurance

company, except that investments shall be made under section one

thousand four hundred four not section one thousand four hundred five of

this chapter and shall be subject to the provisions of section one

thousand four hundred four of this chapter that relate specially to

retirement systems.

(e) A system shall not issue or deliver any certificate or contract

providing for or promising to pay any benefit until a copy of its form

has been filed with the superintendent and approved by him. Such

certificate or contract shall conform to the provisions of this article

and, insofar as practicable, to the other provisions of this chapter

applicable to similar policies or contracts.