N.Y. Education Law 391 – Optional retirement program established
§ 391. 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 state or an electing employer and such employees 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 of trustees of a community college may elect to offer the optional retirement program to eligible employees of such college by resolution, which shall become effective upon approval of the local sponsor acting through its local legislative body or board or other appropriate governing agency.
Terms Used In N.Y. Education Law 391
- board: means the board of trustees of the state university of New York. See N.Y. Education Law 390
- electing employer: means a community college which elects to offer the optional retirement program as herein provided. See N.Y. Education Law 390
- eligible employees: means those employees in positions requiring the performance of educational functions in teacher education, agriculture, home economics, forestry, ceramics, liberal and applied arts and sciences, engineering, technical skills, crafts, business education, labor and industrial relations, medicine, dentistry, veterinary medicine, pharmacy, nursing, law, public affairs, maritime officer training, academic administration, library service, student activities, student personnel service and other professions required to carry on the work of the state university and the colleges, schools, institutes, research centers, facilities and institutions comprising it and of the community colleges. See N.Y. Education Law 390
- insurer: shall mean a life insurance corporation, or other corporation subject to department of financial services supervision. See N.Y. Education Law 390
- local sponsor: means any city, county, intermediate school district, or school district approved by the board, sponsoring or participating in the establishment or operation of a community college. See N.Y. Education Law 390
- optional retirement program: means the retirement program established pursuant to this article. See N.Y. Education Law 390
- state university: means the state university of New York and the term "community college" means a college established and operated under article one hundred twenty-six of this chapter. See N.Y. Education Law 390
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 state university and of electing employers 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.