§ 4602. Creation of retirement systems.
(a)The employees, an\nemployer, or the employees and employer jointly, may create a retirement\nsystem by filing in the office of the superintendent a declaration of\ntheir intention to do so, in a form approved by the superintendent,\nsubscribed and affirmed as true under the penalties of perjury by two\nprovisional trustees or officers of such system, and an authenticated\ncopy of the constitution, by-laws or declaration of trust adopted to\nregulate the affairs of the system.\n (b) Upon such filing the superintendent may, if satisfied that the\nrates of contribution are adequate and that the plan of operation is\nsound and equitable, issue a license, subject to the provisions of\nsection one thousand one hundred two of this chapter, authorizin
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§ 4602. Creation of retirement systems. (a) The employees, an\nemployer, or the employees and employer jointly, may create a retirement\nsystem by filing in the office of the superintendent a declaration of\ntheir intention to do so, in a form approved by the superintendent,\nsubscribed and affirmed as true under the penalties of perjury by two\nprovisional trustees or officers of such system, and an authenticated\ncopy of the constitution, by-laws or declaration of trust adopted to\nregulate the affairs of the system.\n (b) Upon such filing the superintendent may, if satisfied that the\nrates of contribution are adequate and that the plan of operation is\nsound and equitable, issue a license, subject to the provisions of\nsection one thousand one hundred two of this chapter, authorizing the\nretirement system to do the business described in the plan.\n (c) A system shall have trustees who shall choose officers or agents\nto carry on the business of the system. The by-laws or declaration of\ntrust of such a system shall prescribe the manner in which and the\nofficers or agents by whom the system may be conducted and the manner in\nwhich its funds shall be collected and disbursed.\n (d) The funds and investments of a system shall be held independently\nof the funds and investments of the employer and of any other person.\nThe manner of investment of the funds of a system shall be limited in\nevery respect as in the case of the funds of a domestic life insurance\ncompany, except that investments shall be made under section one\nthousand four hundred four not section one thousand four hundred five of\nthis chapter and shall be subject to the provisions of section one\nthousand four hundred four of this chapter that relate specially to\nretirement systems.\n (e) A system shall not issue or deliver any certificate or contract\nproviding for or promising to pay any benefit until a copy of its form\nhas been filed with the superintendent and approved by him. Such\ncertificate or contract shall conform to the provisions of this article\nand, insofar as practicable, to the other provisions of this chapter\napplicable to similar policies or contracts.\n