2015 New York Laws
BNK - Banking
Article 10 - (Banking) SAVINGS AND LOAN ASSOCIATIONS
400 - Pensions; insurance.

 400.  Pensions;  insurance.  Subject  to  such  regulations  as  the
  superintendent of financial services may prescribe, a savings  and  loan
  association may, in the discretion of a majority of all the directors:
1.   Provide   pensions  to  officers  and  employees  pursuant  to  a
  nondiscriminatory plan for service rendered  to  the  savings  and  loan
  association  or  for having become incapacitated while in service to the
  savings and loan association, including annual supplements  to  retirees
  based  upon  the  "current cost of living index figure" for any calendar
  year based upon the Consumer Price Index as  issued  by  the  bureau  of
  labor statistics of the United States department of labor.
2.  Provide  life  insurance  for its officers and employees, provided
  that life insurance is not purchased solely for or on behalf of officers
  and highly compensated employees.