N.Y. State Finance Law § 208: Authorized individual retirement plans

§ 208. Authorized individual retirement plans. 1. a. The term

"authorized individual retirement plan" as used in this section shall

mean an individual retirement plan, as defined in the Economic Recovery

Tax Act of 1981 (P.L. 97-34), established and maintained by one or more

financial organizations with which a committee established herein has

contracted pursuant to this section for the purposes of employee

contribution by payroll deductions.

b. The term "financial organization" as used in this section shall

mean an organization that is authorized to do business in the state of

New York, and is licensed or chartered by the state department of

financial services, is chartered by an agency of the federal government,

or is subject to the jurisdiction of the securities and exchange

commission.

2. The president of the civil service commission is authorized to

enter into contracts, on behalf of the state, with one or more financial

organizations to provide for authorized individual retirement plans in

which employees of the state eligible to authorize payroll deductions by

subdivision seven of section two hundred one of this article may

participate. Any such contract shall be administered on behalf of the

state by the president of the civil service commission and shall be

subject to audit by the comptroller. No such contract shall take effect

until it has been submitted to and approved by the director of the

budget and then approved by the comptroller.