2006 New York Code - Benefits.

 
    §  4603.  Benefits.  (a)  A  system  providing  retirement benefits by
  agreement with an employer may also provide in the  same  agreement  for
  withdrawal equities and benefits on account of disability or death.
    (b)  A system may provide pension benefits by entering into agreements
  with an employer or group of employers having a common  retirement  plan
  which has been approved by the superintendent to receive funds which are
  to  be  accumulated  at  interest  and, subject to the conditions agreed
  upon, to apply the accumulated funds to provide pension benefits for the
  employees of the  employer  or  group  of  employers  as  each  employee
  retires.
    (c)  No  agreement  shall be entered into with an employer or group of
  employers having less than twenty-five employees who  are  eligible  for
  retirement benefits under the agreement.
    (d)  The accumulation of any funds contributed by an employee shall be
  used for his exclusive benefit.