§ 4601. Definitions. In this article: (a) “Employees” means the employees, officers, and agents of any person, firm or corporation or of one or more corporations having business interests in common. (b) “Employer” means the person, firm, corporation or one or more corporations having business interests in common, and includes any organization of such employers. […]
§ 4602. Creation of retirement systems. (a) The employees, an employer, or the employees and employer jointly, may create a retirement system by filing in the office of the superintendent a declaration of their intention to do so, in a form approved by the superintendent, subscribed and affirmed as true under the penalties of perjury […]
§ 4603. Benefits. (a) A system providing retirement benefits by agreement with an employer may also provide in the same agreement for withdrawal equities and benefits on account of disability or death. (b) A system may provide pension benefits by entering into agreements with an employer or group of employers having a common retirement plan […]
§ 4604. Contributions. (a) The participating employees, or the employer, or both may contribute to the funds of the system and the rates of contribution shall be fixed by the trustees upon the basis of actuarial recommendations and shall be adequate to support the benefits granted. (b) The trustees may, with the approval of the […]
§ 4605. Reinsurance. (a) All or any part of the pension benefits of a system may be reinsured in an insurance company authorized to insure such risks in this state, as may be provided for in the by-laws or declaration of trust of the retirement system. (b) The reinsurance contract may be terminated by agreement […]
§ 4606. Reserves. (a) A system shall, except to the extent that its benefits are reinsured by an insurance company authorized to transact such business in this state, create and maintain reserves, calculated to be adequate to cover the liabilities on account of benefits payable under its contracts, by-laws, or declaration of trust. (b) The […]
§ 4607. Exemption from taxation; trusts; higher education loans. (a) The property of a system, the portion of wages or salary of an employee deducted or to be deducted, the right of an employee to a pension benefit, and all his rights in the funds of the system, shall be exempt from taxation and from […]
§ 4608. Application. (a) Every system organized or created under this chapter shall be subject to the provisions of this article, to subsection (g) of section one thousand one hundred two of this chapter, to the appropriate provisions of articles one, three and seventy-four of this chapter, and to articles thirteen and fourteen of this […]
