2006 New York Code - 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 which is authorized to do business in the state  of
  New York, and is licensed or chartered by the state insurance department
  or  the  state  banking  department,  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.