N.Y. Insurance Law 4402 – Definitions
§ 4402. Definitions. In this article: (a) "Employee welfare fund" or "fund" means any trust fund or other fund established or maintained jointly by one or more employers together with one or more labor organizations, whether directly or through trustees, to provide employee benefits by the purchase of insurance or annuity contracts or otherwise, and to which is paid or contracted to be paid anything, other than income from investments of such fund for the benefit of employees employed in this state, and, if the principal office of the employer is located outside of the state, for at least twenty such employees; provided, however, that such term shall not include any such fund where its over-all management is vested, alone or jointly with other trustees, in a corporate trustee which is subject to supervision by the supervisor of banks of any state or the comptroller of the currency.
Terms Used In N.Y. Insurance Law 4402
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Trustee: A person or institution holding and administering property in trust.
(b) "Employee benefits" means one or more benefits or services for employees or their families or dependents, or for both, including, but not limited to, medical, surgical or hospital care or benefits, benefits in the event of sickness, accident, disability or death, benefits in the event of unemployment, or retirement benefits.
(c) "Trustee" means the person or group of persons who or which is charged with or has the general power of administration over an employee welfare fund and may include a pension board or committee, a board of individual trustees, a board of administration or the like; provided, however, such term shall not include a corporate trustee which is subject to supervision by the supervisor of banks of any state or the comptroller of the currency; nor shall such term include any insurer licensed under the laws of this state or authorized to do business herein.
(d) "Employed in this state" means employed at a place of business maintained by the employer in the state.
(e) "Employer" means all persons part or all of whose employees or members are covered by an employee welfare fund.
(f) "Person" means all individuals (acting alone or in representative capacities), partnerships, associations, corporations, labor unions and other entities.
(g) "Labor organization" means any labor union or any organization of any kind, or any agency or employee representation committee, association, group or plan, in which employees participate and which exists for the purpose, in whole or in part, of dealing with employers concerning grievances, labor disputes, wages, rates of pay, hours of employment or conditions of work.