N.Y. Insurance Law § 4607: Exemption from taxation; trusts; higher education loans

§ 4607. Exemption from taxation; trusts; higher education loans. (a)

The property of a system, the portion of wages or salary of an employee

deducted or to be deducted, the right of an employee to a pension

benefit, and all his rights in the funds of the system, shall be exempt

from taxation and from the operation of any law relating to bankruptcy

or insolvency, except as provided in section four thousand six hundred

eight of this article and subject to the provisions of section three

thousand two hundred twelve of this chapter.

(b) No trust created pursuant to this article shall be deemed invalid

as violating any existing laws against perpetuities or suspension of the

power of alienation of title to property; and the income arising from

any property, real or personal, held in such trust may be permitted to

accumulate until the fund shall be sufficient in the opinion of its

trustee or trustees to accomplish the purposes of such trust.

(c) Any system may lend money to any of its participating employees or

their children, who are attending or planning to attend college, to

assist them in meeting their expenses of higher education, where such

loans are guaranteed by the New York higher education services

corporation in accordance with the provisions of article fourteen of the

education law. In such cases no further security for the repayment of

such loans shall be required of the borrowers by such system.