2006 New York Code - Creation Of Retirement Systems.

 
    §  4602.  Creation  of  retirement  systems.  (a)  The  employees,  an
  employer, or the employees and employer jointly, may create a retirement
  system by filing in the office of the superintendent  a  declaration  of
  their  intention  to  do  so,  in a form approved by the superintendent,
  subscribed and affirmed as true under the penalties of  perjury  by  two
  provisional  trustees  or  officers of such system, and an authenticated
  copy of the constitution, by-laws or declaration  of  trust  adopted  to
  regulate the affairs of the system.
    (b)  Upon  such  filing  the superintendent may, if satisfied that the
  rates of contribution are adequate and that the  plan  of  operation  is
  sound  and  equitable,  issue  a  license,  subject to the provisions of
  section one thousand one hundred two of this  chapter,  authorizing  the
  retirement system to do the business described in the plan.
    (c)  A  system shall have trustees who shall choose officers or agents
  to carry on the business of the system. The by-laws  or  declaration  of
  trust  of  such  a  system  shall  prescribe the manner in which and the
  officers or agents by whom the system may be conducted and the manner in
  which its funds shall be collected and disbursed.
    (d) The funds and investments of a system shall be held  independently
  of  the  funds  and investments of the employer and of any other person.
  The manner of investment of the funds of a system shall  be  limited  in
  every  respect  as in the case of the funds of a domestic life insurance
  company, except  that  investments  shall  be  made  under  section  one
  thousand four hundred four not section one thousand four hundred five of
  this  chapter  and  shall  be  subject  to the provisions of section one
  thousand four hundred four of this  chapter  that  relate  specially  to
  retirement systems.
    (e)  A  system  shall not issue or deliver any certificate or contract
  providing for or promising to pay any benefit until a copy of  its  form
  has  been  filed  with  the  superintendent  and  approved  by him. Such
  certificate or contract shall conform to the provisions of this  article
  and,  insofar  as  practicable,  to the other provisions of this chapter
  applicable to similar policies or contracts.