§ 219-i. Conversion to defined benefit plan. The sponsor of a service\naward program adopted pursuant to this article may convert such program\ninto a defined benefit plan authorized by article eleven-AAA of this\nchapter by adopting a defined benefit service award program in\naccordance with the procedures set forth in section two hundred\nnineteen-l of this chapter. Upon conversion to a defined benefit plan, a\nservice award program adopted pursuant to this article which provides\ncontributions for years of ambulance service rendered by a participant\nduring the five calendar years immediately preceding the year in which\nthe program is adopted need not provide credit for years of ambulance\nservice rendered prior to the adoption of the program. Upon the\nconversion of a service award
Free access — add to your briefcase to read the full text and ask questions with AI
§ 219-i. Conversion to defined benefit plan. The sponsor of a service\naward program adopted pursuant to this article may convert such program\ninto a defined benefit plan authorized by article eleven-AAA of this\nchapter by adopting a defined benefit service award program in\naccordance with the procedures set forth in section two hundred\nnineteen-l of this chapter. Upon conversion to a defined benefit plan, a\nservice award program adopted pursuant to this article which provides\ncontributions for years of ambulance service rendered by a participant\nduring the five calendar years immediately preceding the year in which\nthe program is adopted need not provide credit for years of ambulance\nservice rendered prior to the adoption of the program. Upon the\nconversion of a service award program, the program shall be governed by\nthe provisions of article eleven-AAA of this chapter as if the program\nwas originally adopted pursuant to such article eleven-AAA, provided,\nthat (1) conversion of a service award program shall not affect the\nnumber of years of ambulance service earned by a volunteer ambulance\nworker or a participant's status as having a nonforfeitable right to a\nservice award or the amount of a service award paid in whole or in part\nprior to the conversion, and (2) upon conversion of a service award\nprogram adopted pursuant to this article which provides contributions\nfor years of ambulance service rendered by a participant during the five\ncalendar years immediately preceding the year in which the program is\nadopted, if the converted program provides for credit for years of\nambulance service rendered by a participant during the five calendar\nyears immediately preceding the year in which the program is adopted, if\nthe converted program provides for credit for years of ambulance service\nrendered during the five calendar years immediately preceding the\nadoption of the program, such five year period shall be measured from\nthe date of adoption of the program pursuant to this article. The\ncomptroller may promulgate rules and regulations relating to such\nconversions including, but not limited to, the disposition of assets and\nthe time and manner of making any additional payments required to fund\nbenefits attributable to years of ambulance service earned prior to the\nconversion over a period not to exceed five years.\n