N.Y. Insurance Law § 4603: Benefits

§ 4603. Benefits. (a) A system providing retirement benefits by

agreement with an employer may also provide in the same agreement for

withdrawal equities and benefits on account of disability or death.

(b) A system may provide pension benefits by entering into agreements

with an employer or group of employers having a common retirement plan

which has been approved by the superintendent to receive funds which are

to be accumulated at interest and, subject to the conditions agreed

upon, to apply the accumulated funds to provide pension benefits for the

employees of the employer or group of employers as each employee

retires.

(c) No agreement shall be entered into with an employer or group of

employers having less than twenty-five employees who are eligible for

retirement benefits under the agreement.

(d) The accumulation of any funds contributed by an employee shall be

used for his exclusive benefit.