§ 6251 — Optional retirement program established

§ 6251. Optional retirement program established. 1. There is hereby\nestablished an optional retirement program which shall provide for the\npurchase of contracts providing retirement and death benefits for or on\nbehalf of electing employees. Under such program the city and such\nemployee shall contribute, to the extent authorized or required, towards\nthe purchase of such contracts, which shall be issued to, and become the\nproperty of, such employees. The board may elect to offer the optional\nretirement program to eligible employees by resolution, which shall\nbecome effective upon approval by the mayor of the city of New York.\n 2. The board shall designate the insurer or insurers to which payment\nof such contributions may be made and shall approve the form and content\nof such contracts. In making such designation and giving such approval\nthe board shall give due consideration to (i) the nature and extent of\nthe rights and benefits to be provided by such contracts for electing\nemployees and their beneficiaries, (ii) the relation of such rights and\nbenefits to the amount of contributions to be made under this article,\n(iii) the suitability of such rights and benefits to the needs and\ninterests of electing employees and to the interests of the city\nuniversity in the employment and retention of eligible employees and\n(iv) the authority and ability of the designated insurer or insurers to\nprovide rights and benefits under such contracts.\n 3. The board is hereby authorized to provide for the administration of\nsuch optional retirement program and to perform or authorize the\nperformance of such functions as may be necessary for such purposes in\naccordance with this article.\n