§ 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.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.