2014 New York Laws
BNK - Banking
Article 11 - (450 - 487-A) CREDIT UNIONS
477 - Retirement and insurance benefits for officers and employees.

  477.  Retirement and insurance benefits for officers and employees.
  1.   Subject to such regulations  as  the  superintendent  of  financial
  services  may  prescribe,  a  credit  union  may, in the discretion of a
  majority of  all  the  board  of  directors,  provide  to  officers  and
  employees  retirement benefits, deferred compensation programs and other
  employee benefit plans.
2. A credit union investing to fund  a  retirement  benefit,  deferred
  compensation  program  or  other  benefit  plan  for  its  officers  and
  employees  shall  not  be  subject  to  or  limited  by  the  investment
  provisions  set  forth  in  subdivision eighteen of section four hundred
  fifty-four of this article so long as the investment is directly related
  to  the  benefit  plan,  and  any  obligation  or  potential  obligation
  thereunder,  and the credit union holds the investment for as long as it
  provides such benefit plan or has any  actual  or  potential  obligation
  thereunder.