N.Y. Education Law 6251 – Optional retirement program established
§ 6251. Optional retirement program established. 1. There is hereby established an optional retirement program which shall provide for the purchase of contracts providing retirement and death benefits for or on behalf of electing employees. Under such program the city and such employee shall contribute, to the extent authorized or required, towards the purchase of such contracts, which shall be issued to, and become the property of, such employees. The board may elect to offer the optional retirement program to eligible employees by resolution, which shall become effective upon approval by the mayor of the city of New York.
Terms Used In N.Y. Education Law 6251
- board: means the board of higher education of the city of New York. See N.Y. Education Law 6250
- city: shall mean the city of New York. See N.Y. Education Law 6250
- city university: means the city university of New York under the jurisdiction of the board of higher education of the city of New York. See N.Y. Education Law 6250
- eligible employees: means members of the instructional staffs of the colleges administered by the board of higher education in the city of New York pursuant to the provisions of Article one hundred twenty-five of the education law, who are employed in the following titles: president, dean, director, professor, associate professor, assistant professor, instructor, tutor, fellow, lecturer, librarian, associate librarian, assistant librarian, library assistant, registrar, assistant registrar, registrar's assistant, principal, first assistant, supervisor, assistant teacher, critic teacher, teacher, college science assistant, college science technician, college engineering technician, and any other members of the instructional staffs of such colleges as defined in section sixty-two hundred six, subdivision 1b of the education law, and such other titles as the board in its discretion may add thereto, by reason of their close relationship to the educational purposes required to carry on the functions of the city university. See N.Y. Education Law 6250
- insurer: shall mean a life insurance corporation, or other corporation subject to supervision by the department of financial services of the state of New York. See N.Y. Education Law 6250
- optional retirement program: means the retirement program established pursuant to this article. See N.Y. Education Law 6250
2. The board shall designate the insurer or insurers to which payment of such contributions may be made and shall approve the form and content of such contracts. In making such designation and giving such approval the board shall give due consideration to (i) the nature and extent of the rights and benefits to be provided by such contracts for electing employees and their beneficiaries, (ii) the relation of such rights and benefits to the amount of contributions to be made under this article, (iii) the suitability of such rights and benefits to the needs and interests of electing employees and to the interests of the city university in the employment and retention of eligible employees and (iv) the authority and ability of the designated insurer or insurers to provide rights and benefits under such contracts.
3. The board is hereby authorized to provide for the administration of such optional retirement program and to perform or authorize the performance of such functions as may be necessary for such purposes in accordance with this article.