NY Gen Mun L § 219-P (2021)
2021 New York Laws GMU - General Municipal Article 11-AAA - Defined Benefit Service Award Program for Volunteer Ambulance Workers 219-P - Administration.

§  219-p. Administration. 1. Service award programs shall be centrally administered by the state comptroller, or the comptroller may enter into one or more of the following contracts:  (a) a contract with an  administrative  service  agency  or  financial organization to serve as program administrator and to perform all or any portion  of  the  functions  required  to  establish and administer such programs including, but not limited to, preparation of a plan  document, record keeping, reporting, payment of service awards, and having custody of program moneys and assets;  (b)  contracts  with  one  or  more  financial organizations to invest program moneys; or  (c) a contract with an actuary for the performance  of  all  actuarial calculations required by the program. If  the  comptroller  contracts  for  the performance of any function as provided in this subdivision, the comptroller shall be liable  only  for the  exercise of due care in the selection of the administrative service agency, financial organization or actuary performing the function.   2. The state comptroller shall promulgate rules  and  regulations,  as appropriate,  for  the service award programs. Such rules shall include, but not be limited to, standards for the selection of service providers, the method and timing of  the  payments  required  to  be  made  by  the sponsor,  reporting requirements, matters relating to the preparation of a plan document, and any other matter  relating  to  the  service  award programs.   3.  (a)  The state comptroller, or an administrative service agency or financial organization serving as program administrator,  shall  prepare and  may  amend  a single plan document setting forth the obligations of sponsors, the rights of the volunteer ambulance workers,  and  standards and procedures for the administration of all service award programs. The plan  document  and  any amendments thereto shall be consistent with the provisions of this article, the rules and regulations promulgated by the comptroller and any amendments thereto. If  the  plan  document  or  any amendment  thereto  is  prepared  by an administrative service agency or financial organization, it shall not take effect until approved  by  the comptroller.  (b)  The  program  administrator  shall  cause  a  summary of the plan document to be provided to each participant within six months  from  the date  that  program  participation  commences. The program administrator shall also cause a  summary  of  any  material  amendment  of  the  plan document  to  be  provided  to each participant within six months of the date the amendment takes effect.  (c) The plan document and the summary of the plan  document  shall  be made available for public inspection and copying.   4. All program assets shall be held in trust for the exclusive purpose of  providing  service awards to participants and their beneficiaries or for the purpose of defraying the reasonable expenses  of  the  operation and  administration  of  the program. The trust shall be established and may be amended by the state comptroller. The comptroller  may  designate him  or  herself,  an  administrative  service  agency  or  a  financial organization as trustee, and may substitute  trustees.  If  the  service award programs and the trust are not tax qualified within the meaning of section 401 and 501 of the Internal Revenue Code of 1954 (68A Stat. 3.26 U.S.C. 401 and 501), the trust may provide that assets apportioned to an individual sponsor may be subject to the claims of general creditors, if any,  of  the  sponsor or may contain such other terms and provisions as are necessary to ensure that participation in a  service  award  program does  not  result  in taxable income under any provision of the Internal Revenue Code of 1986, as amended.    5. There is hereby established in the custody of the state comptroller a special fund to be known as  the  volunteer  ambulance  service  award fund.    Such  fund shall consist of any money of service award programs held by the comptroller. Moneys may be paid from such  fund  without  an appropriation  by law. All payments from such fund shall be made only in accordance  with  the  provisions  of  this  article,  the   rules   and regulations promulgated thereto and the plan document.   6. The moneys held for the sponsor of each service award program shall be  accounted  for separately. The administrator shall cause a statement of contributions to be provided to sponsors at least once annually.   7. The administrator and every fiduciary of a  service  award  program shall  be  required  to  act  solely  in  the  interest of the program's participants and beneficiaries. Notwithstanding the  provisions  of  any general  or  special  law  restricting  the  power  or duty of the state comptroller to invest moneys belonging to a fund which  the  comptroller is  authorized  to  invest,  a fiduciary may accept, hold, invest in and retain any investment if purchased or retained  with  the  care,  skill, prudence  and  diligence  under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such  matters would  use  in  the  conduct of an enterprise of like character and with like aim.   8. (a) All contracts or  agreements  with  an  administrative  service agency,  financial  organization  or actuary shall be awarded only after receiving  competitive  proposals.  In  addition  to   other   statutory requirements,  the  state comptroller shall cause to be published in the state register and in the official newspaper or newspapers, if  any,  or otherwise  in  an appropriate newspaper designated for such purposes, at least sixty days prior to the date on which the  contract  or  agreement will  be  awarded  and  shall  request  proposals  within thirty days of publications.  (b) All contracts and agreements entered into with  an  administrative service  agency,  financial organization or actuary shall be in writing, shall not exceed five years in duration, and shall impose  no  penalties or  surrender  charges for the transfer of assets or responsibilities on termination of the contract or agreement such contracts  and  agreements shall be available for public inspection and copying.