§ 219-P — Administration

New York § 219-P

• Jurisdiction: New York
• Law GMU: General Municipal
• Art. 11-AAA: Defined Benefit Service Award Program For Volunteer Ambulance Workers

Text

§ 219-p. Administration. 1. Service award programs shall be centrally\nadministered by the state comptroller, or the comptroller may enter into\none or more of the following contracts:\n (a) a contract with an administrative service agency or financial\norganization to serve as program administrator and to perform all or any\nportion of the functions required to establish and administer such\nprograms including, but not limited to, preparation of a plan document,\nrecord keeping, reporting, payment of service awards, and having custody\nof program moneys and assets;\n (b) contracts with one or more financial organizations to invest\nprogram moneys; or\n (c) a contract with an actuary for the performance of all actuarial\ncalculations required by the program.\nIf the comptroller contracts for the performance of any function as\nprovided in this subdivision, the comptroller shall be liable only for\nthe exercise of due care in the selection of the administrative service\nagency, financial organization or actuary performing the function.\n 2. The state comptroller shall promulgate rules and regulations, as\nappropriate, for the service award programs. Such rules shall include,\nbut not be limited to, standards for the selection of service providers,\nthe method and timing of the payments required to be made by the\nsponsor, reporting requirements, matters relating to the preparation of\na plan document, and any other matter relating to the service award\nprograms.\n 3. (a) The state comptroller, or an administrative service agency or\nfinancial organization serving as program administrator, shall prepare\nand may amend a single plan document setting forth the obligations of\nsponsors, the rights of the volunteer ambulance workers, and standards\nand procedures for the administration of all service award programs. The\nplan document and any amendments thereto shall be consistent with the\nprovisions of this article, the rules and regulations promulgated by the\ncomptroller and any amendments thereto. If the plan document or any\namendment thereto is prepared by an administrative service agency or\nfinancial organization, it shall not take effect until approved by the\ncomptroller.\n (b) The program administrator shall cause a summary of the plan\ndocument to be provided to each participant within six months from the\ndate that program participation commences. The program administrator\nshall also cause a summary of any material amendment of the plan\ndocument to be provided to each participant within six months of the\ndate the amendment takes effect.\n (c) The plan document and the summary of the plan document shall be\nmade available for public inspection and copying.\n 4. All program assets shall be held in trust for the exclusive purpose\nof providing service awards to participants and their beneficiaries or\nfor the purpose of defraying the reasonable expenses of the operation\nand administration of the program. The trust shall be established and\nmay be amended by the state comptroller. The comptroller may designate\nhim or herself, an administrative service agency or a financial\norganization as trustee, and may substitute trustees. If the service\naward programs and the trust are not tax qualified within the meaning of\nsection 401 and 501 of the Internal Revenue Code of 1954 (68A Stat. 3.26\nU.S.C. 401 and 501), the trust may provide that assets apportioned to an\nindividual sponsor may be subject to the claims of general creditors, if\nany, of the sponsor or may contain such other terms and provisions as\nare necessary to ensure that participation in a service award program\ndoes not result in taxable income under any provision of the Internal\nRevenue Code of 1986, as amended.\n 5. There is hereby established in the custody of the state comptroller\na special fund to be known as the volunteer ambulance service award\nfund. Such fund shall consist of any money of service award programs\nheld by the comptroller. Moneys may be paid from such fund without an\nappropriation by law. All payments from such fund shall be made only in\naccordance with the provisions of this article, the rules and\nregulations promulgated thereto and the plan document.\n 6. The moneys held for the sponsor of each service award program shall\nbe accounted for separately. The administrator shall cause a statement\nof contributions to be provided to sponsors at least once annually.\n 7. The administrator and every fiduciary of a service award program\nshall be required to act solely in the interest of the program's\nparticipants and beneficiaries. Notwithstanding the provisions of any\ngeneral or special law restricting the power or duty of the state\ncomptroller to invest moneys belonging to a fund which the comptroller\nis authorized to invest, a fiduciary may accept, hold, invest in and\nretain any investment if purchased or retained with the care, skill,\nprudence and diligence under the circumstances then prevailing that a\nprudent person acting in a like capacity and familiar with such matters\nwould use in the conduct of an enterprise of like character and with\nlike aim.\n 8. (a) All contracts or agreements with an administrative service\nagency, financial organization or actuary shall be awarded only after\nreceiving competitive proposals. In addition to other statutory\nrequirements, the state comptroller shall cause to be published in the\nstate register and in the official newspaper or newspapers, if any, or\notherwise in an appropriate newspaper designated for such purposes, at\nleast sixty days prior to the date on which the contract or agreement\nwill be awarded and shall request proposals within thirty days of\npublications.\n (b) All contracts and agreements entered into with an administrative\nservice agency, financial organization or actuary shall be in writing,\nshall not exceed five years in duration, and shall impose no penalties\nor surrender charges for the transfer of assets or responsibilities on\ntermination of the contract or agreement such contracts and agreements\nshall be available for public inspection and copying.\n