reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 154 - State-administered Defined Contribution Service Award Programs For Volunteer Firefighters › Section 154.16 - Solicitation, education and confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No financial organization or
				administrative service agency nor any of their agents shall use information
				obtained by reason of its appointment as a financial organization or
				administrative service agency to solicit volunteer firefighters to purchase any
				product made available by such financial organization or administrative service
				agency.
(b) Educational materials
				designed to acquaint volunteer firefighters with the benefits of the program
				may be provided by the financial organization or administrative service agency
				upon prior approval by the Office of the State Comptroller. In addition, at the
				time of distribution of a service award, an administrative service agency or
				financial organization may include with a distribution written information
				concerning the potential tax consequences of the distribution and generic
				categories of investment options. Such information may contain a statement
				indicating that additional information may be obtained from the administrative
				service agency or financial organization or their agents and from other
				financial institutions, but in all cases such information shall also contain a
				clear and prominent statement that the Office of the State Comptroller does not
				review, approve, endorse or recommend any such information, and is not in any
				way affiliated with, any financial instrument, product or service offered by or
				acquired through an administrative service agency, financial organization or
				their agents, or any other financial institution.
(c) Except as otherwise provided by law, all
				information obtained under the State-administered defined contribution
				volunteer firefighter service award program by the sponsor, a volunteer fire
				company or volunteer fire department, an administrative service agency or a
				financial organization shall be confidential and shall be used exclusively for
				purposes relating to the program.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.1 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
Article 11-A of the General Municipal Law authorizes the
				  establishment of defined benefit service award programs to provide municipally
				  funded, pension-like benefits for volunteer firefighters. In general, defined
				  benefit volunteer firefighter service award programs may be adopted by
				  political subdivisions for the volunteer firefighters of volunteer fire
				  companies or volunteer fire departments which are either:
(a) under the control of the governing board
				of the political subdivision; or
(b) located in a fire protection district of
				the political subdivision and under contract with the governing board to
				provide service therein. Adoption of a defined benefit volunteer firefighter
				service award program requires the affirmative vote of at least 60 percent of
				the governing board of the political subdivision and the approval of a
				proposition at a referendum of the eligible voters of the political
				subdivision. Article 11-A requires the defined benefit volunteer firefighter
				service award programs to be either:
(1)
				administered by the political subdivisions; or
(2) centrally administered by the State
				Comptroller or by service providers retained by the Comptroller. The
				Comptroller is required and authorized to adopt rules and regulations for the
				programs administered by the State. The rules and regulations must include
				standards for the selection of service providers, the method and timing of
				payments required to be made by the sponsors, reporting requirements, matters
				relating to the preparation of a plan document, application procedures for
				transfer into the State-administered program, procedures and forms for the
				compilation and maintenance of the points accumulated by each volunteer
				firefighter, and any other matter relating to State-administered defined
				benefit volunteer firefighter service award programs. This Part contains the
				regulations governing such State-administered defined benefit volunteer
				firefighter service award programs.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Unless
				otherwise defined, the terms used in this Part shall have the same meaning as
				provided in article 11-A of the General Municipal Law.
(b) In addition, as used in this Part:
(1) Administrator means the State Comptroller
				or, if the Comptroller retains an administrative service agency or financial
				organization to perform the functions set forth in section
				155.15  of this
				Part, such administrative service agency or financial organization.
(2) Benefit or benefit amount means an amount
				equal to an annual payment of $60, $120, $180, $240 or $360 for each year of
				firefighting service, as selected by the sponsor.
(3) Comptroller means the New York State
				Comptroller.
(4) Participant means
				a volunteer firefighter who is eligible for a benefit under a State-
				administered defined benefit volunteer firefighter service award
				program.
(5) Prior service costs
				means the cost of granting prior service credit to volunteer
				firefighters.
(6) Prior service
				credit means credit for years of volunteer firefighter service for activities
				performed during the five calendar years immediately preceding the adoption of
				a defined benefit volunteer firefighter service award program. A volunteer
				firefighter service award program established by a local sponsor prior to June
				1, 2007 may, at the option of the local sponsor, provide for prior service
				credit for volunteer firefighter service rendered during a period longer than
				the five calendar years immediately preceding the adoption of the
				program.
(7) Program actuary means
				the actuary designated by the Comptroller to perform the functions required to
				be performed by an actuary under article 11-A of the General Municipal Law and
				this Part, as amended from time to time.
(8) Sponsor means a county, city, town, town
				on behalf of a fire protection district, village, village on behalf of a fire
				service area or fire district which adopts a State-administered defined benefit
				volunteer firefighter service award program.
(9) State-administered defined benefit
				volunteer firefighter service award program means a service award program for
				volunteer firefighters established or maintained as a defined benefit plan for
				which State administration has been selected pursuant to article 11-A of the
				General Municipal Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.3 - Actuarial cost estimates

Current through Register Vol. 46, No. 28, July 10, 2024
Prior to consideration of a resolution authorizing adoption
				  of a State-administered defined benefit volunteer firefighter service award
				  program, or the transfer of a locally-administered defined benefit volunteer
				  firefighter program to State administration, the governing board of a political
				  subdivision shall obtain from the program actuary an estimate of the annual
				  cost of the State-administered defined benefit volunteer firefighter service
				  award program. In making such estimate, the program actuary shall calculate
				  each separate component of the total estimated cost of a proposed
				  State-administered defined benefit volunteer firefighter service award program.
				  In the case of a transfer of a locally-administered defined benefit volunteer
				  firefighter service award program to State administration, the program actuary
				  shall also estimate the additional amount, if any, determined by the
				  administrator to be necessary to fully fund all existing obligations of such
				  program, up to and including contributions for credit for a year of
				  firefighting service performed during the calendar year immediately preceding
				  the year in which State administration is anticipated to commence and unfunded
				  prior service costs. To enable the program actuary to make such estimates, the
				  sponsor and each volunteer fire company or volunteer fire department having
				  members who are potential participants in the State-administered defined
				  benefit volunteer firefighter service award program shall provide to the
				  program actuary such information as the program actuary may require, and the
				  program actuary may rely upon such information in making such estimates. The
				  program actuary shall make such estimates using the actuarial methodology and
				  assumptions that would be used to calculate the contributions payable by the
				  sponsor pursuant to section
				  155.9  of
				  this Part. Before beginning to make such estimates, the program actuary shall
				  disclose to the governing board in writing the fee for preparing such
				  estimates. The fee for preparing the estimates shall not exceed the amount
				  which the program actuary is permitted to charge for such service pursuant to
				  an agreement between the program actuary and the Comptroller. The cost of such
				  estimates shall be a charge against the sponsor.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.6 - Collection of personal information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Except as provided in subdivision (b) of
				this section, annually, and at such other times and in such form as the
				Administrator may require, the chief executive officer of the sponsor shall
				obtain from each volunteer fire company or volunteer fire department for which
				the State- administered defined benefit volunteer firefighter service award
				program is established for submission to the administrator, and each volunteer
				fire company or volunteer fire department shall provide to the chief executive
				officer for such purpose, the following information for each volunteer
				firefighter of the volunteer fire company or volunteer fire department, whether
				or not such volunteer firefighter is a participant in the State-administered
				defined benefit volunteer firefighter service award program:
(1) name;
(2) address;
(3) social security number;
(4) date of birth;
(5) name of the volunteer fire company or
				volunteer fire department in which he or she is a volunteer
				firefighter;
(6) beneficiaries;
				and
(7) such other information as
				the administrator deems necessary for the administration of the
				State-administered defined benefit volunteer firefighter service award
				program.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.9 - Sponsor contributions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Commencing on November 15th of the year
				in which State administration begins, and each November 15th thereafter, the
				program actuary shall estimate the amount that each sponsor is required to
				contribute to a State-administered defined benefit volunteer firefighter
				service award program for the current calendar year, including the actuarially
				determined normal cost of the program, any prior service contributions required
				to be paid in such year pursuant to section
				155.8 
				of this Part, and any additional amounts determined by the program actuary to
				be necessary to fully finance all existing obligations of such program. The
				administrator shall submit to the fiscal officer of each sponsor a statement of
				the amount so payable plus any administrative costs payable by the sponsor. For
				good cause shown, the program actuary may recalculate the contribution, and, in
				such case, the administrator shall issue a corrected statement. If, as a result
				of the amount determined to be paid for any calendar year, a sponsor overpaid
				its actual obligation for that year, the amount to be determined by the program
				actuary for the next succeeding November 15th shall reflect the amount of the
				overpayment, plus interest, as a reduction in the amount otherwise required to
				be paid by such sponsor.
(b) Within
				60 days after the date of a statement issued pursuant to subdivision (a) of
				this section, the sponsor shall pay to the administrator the total amount due
				as shown on such statement.
(c) The
				actuarial methodology and assumptions used by the program actuary to calculate
				such contributions shall be the same for all State-administered defined benefit
				volunteer firefighter service award programs.
(d) Interest shall accrue and be paid by the
				sponsor on all amounts due, but not received by the administrator within 60
				days after the date of the statement issued pursuant to subdivision (a) of this
				section. The interest rate or rates used to calculate such interest shall be
				the greater of:
(1) the investment return rate
				(or rates) assumed by the program actuary in the calculation of the normal cost
				component of such unpaid contribution; or
(2) the actual investment return rate earned
				by the volunteer firefighters' defined benefit service award program trust fund
				during the calendar year (or years) in which such unpaid contributions were due
				to be paid.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.10 - Forfeitures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the event
				that two years have elapsed since an inactive volunteer firefighter participant
				or a participant's designated beneficiary becomes eligible to apply for a
				service award and the administrator does not receive an application for
				distribution, the administrator, the sponsor and the volunteer fire company or
				volunteer fire department in which the participant was a member shall attempt
				to notify the person or persons to whom the service award would be paid. In the
				event that the administrator, in his or her sole discretion, determines that a
				reasonable attempt has been made to contact such person or persons without
				success, the service award payable shall then be considered as forfeited for
				the purpose of determining future contributions payable by the
				sponsor.
(b) A participant who
				ceases to be a volunteer firefighter before he or she has earned a
				nonforfeitable right to a service award shall forfeit his or her service credit
				upon receipt by the administrator of notice from the sponsor and the
				appropriate volunteer fire department or volunteer fire company that the
				individual has ceased to be a volunteer firefighter. The provisions of this
				subdivision shall not apply to a volunteer firefighter who is determined to be
				totally and permanently disabled in accordance with section
				155.11(g) 
				of this Part.
(c) In the event that
				a person whose service credit was forfeited in accordance with subdivision (b)
				of this section resumes being a volunteer firefighter within the five-year
				period beginning immediately after the calendar year in which he or she ceased
				to be a volunteer firefighter, such person's forfeited service credit shall be
				restored as of December 31st of the first calendar year for which he or she
				again qualifies for a year of firefighting service credit and again becomes a
				participant in the State-administered defined benefit volunteer firefighter
				service award program in which he or she formerly was a participant.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.11 - Distribution

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Unless a
				participant elects to be paid his or her service award in an optional
				actuarially equivalent form on the written application for distribution he or
				she files with the administrator, the service award shall be paid to the
				participant in the form of a monthly payment straight life annuity. The amount
				of the monthly straight life annuity payment shall be 1/12 of the benefit
				amount times the years of firefighting service credited to the participant as
				of the effective date of the commencement of payment of his or her service
				award.
(b) Except as otherwise
				provided in this section, a participant shall be entitled to apply for and
				receive distribution of a service award only when the participant has attained
				the entitlement age. A written application for distribution must be received by
				the administrator from a participant before payments shall commence to the
				participant. The participant shall, on such written application, specify the
				date as of which payment shall commence and shall select the form of payment of
				his or her service award. The date as of which payment shall commence may be
				the first day of any month commencing within the 90-day period immediately
				following the date the written application is received by the administrator. A
				participant may file an application for distribution of his or her service
				award within the 90-day period immediately preceding the date on which he or
				she will attain the entitlement age and specify the date as of which payment
				shall commence, which date shall be:
(1) no
				earlier than the date of attainment of the entitlement age and acquiring a
				nonforfeitable right to a service award; and
(2) no later than 90 days after the date of
				attainment of the entitlement age and acquiring a nonforfeitable right to a
				service award.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.12 - Program amendment

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Once a State-administered defined benefit volunteer firefighter service award
				program has been adopted, the sponsor may amend the program in the manner
				provided by section 216 or
				216-a  of the General Municipal Law. All
				amendments to a State-administered defined benefit volunteer firefighter
				service award program shall take effect on January 1st next succeeding the
				completion of the process of adopting the amendment provided by section 216 or
				216-a.
(b) The resolution
				authorizing the adoption of an amendment to a State- administered defined
				benefit volunteer firefighter service award program shall include:
(1) the name of each volunteer fire company
				or volunteer fire department having volunteer firefighters who are participants
				in the State-administered defined benefit volunteer firefighter service award
				program;
(2) a description of the
				amendment;
(3) except in the case
				of a change to the activities for which points shall be granted toward a year
				of firefighting service credit, a statement of the effect, if any, as
				determined by the program actuary, that the amendment would have on the annual
				cost of the State-administered defined benefit volunteer firefighter service
				award program including a statement of the current and estimated future annual
				cost of the State-administered defined benefit volunteer firefighter service
				award program.
(4) except in a case
				of a change to the activities for which points shall be granted toward a year
				of firefighting service, the date on which the proposition authorizing the
				adoption of the amendment shall be submitted to referendum.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.13 - Program termination

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				State-administered defined benefit volunteer firefighter service award program
				may be terminated by the sponsor in the manner provided by section 216 or
				216-a  of the General Municipal Law. The
				termination of a State-administered defined benefit volunteer firefighter
				service award program shall take effect on the December 31st next succeeding
				approval by voters of the proposition to terminate the State-administered
				defined benefit volunteer firefighter service award program.
(b) The resolution authorizing the
				termination of a State-administered defined benefit volunteer firefighter
				service award program shall:
(1) list the name
				of each volunteer fire company or volunteer fire department having volunteer
				firefighters who are participants or in the State-administered defined benefit
				volunteer firefighter service award program to be terminated;
(2) state the estimated one-time cost of
				terminating the State-administered defined benefit volunteer firefighter
				service award program, as determined by the program actuary; and
(3) indicate the date on which the
				proposition authorizing the termination shall be submitted to
				referendum.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.14 - Notice of amendment or termination

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Within 30 days after the amendment of any
				of the terms of a State-administered defined benefit volunteer firefighter
				service award program as set forth in the adoption or transfer agreement, or
				the termination of the sponsor's participation in a State-administered defined
				benefit volunteer firefighter service award program, the chief executive
				officer of the sponsor shall file with the Comptroller in Albany, New York, two
				copies of a verified notice of amendment or notice of termination which shall
				contain the following:
(1) a statement of the
				date on which the governing board of the sponsor approved the resolution
				authorizing the amendment or termination of the State-administered defined
				benefit volunteer firefighter service award program and the vote thereon, and a
				certified copy of the resolution;
(2) in the case of termination, or if the
				amendment requires submission of a proposition to the electors of the sponsor,
				a statement of the date on which the electors approved the proposition
				authorizing the amendment or termination and the vote thereon, and a certified
				copy of the proposition; and
(3) an
				opinion of legal counsel which shall:
(i) be
				addressed to the sponsor;
(ii)
				expressly provide that the administrator may rely thereon;
(iii) state that in his or her capacity as
				legal counsel to the sponsor, he or she has examined originals or true and
				complete copies of those records, documents and other instruments necessary to
				render his or her opinion, including, but not limited to: the provisions of
				article 11-A of the General Municipal Law and such other statutes as may be
				relevant; the resolution of the governing board of the sponsor authorizing the
				amendment or termination of the program; proof that the program actuary
				calculated the estimated annual cost of the amended program including
				administration costs or the additional costs, if any, of terminating a program;
				proof of any posting and publication of required notice and the certificate
				certifying the result of the vote on the proposition authorizing the amendment
				or termination of the program; and
(iv) express his or her opinion that the
				sponsor has undertaken all actions and proceedings required by law to amend or
				terminate the program.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.15 - Administration

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				State-administered defined benefit volunteer firefighter service award programs
				shall be administered by the State Comptroller unless the Comptroller retains
				or designates an administrative service agency, financial organization, and/or
				an actuary to administer the State-administered defined benefit volunteer
				firefighter service award programs.
(b) In the event that there is a change in
				the identity of the administrator, the Office of the State Comptroller shall
				notify the chief executive officer of each sponsor of a State-administered
				defined benefit volunteer firefighter service award program of the
				change.
(c) The administrator
				shall:
(1) prepare standard forms of a
				program agreement and adoption or transfer agreement which shall be utilized by
				all program sponsors;
(2) prepare
				and distribute all forms and documents necessary for the administration of the
				program;
(3) compile and maintain
				all records required for the administration of the program, including records
				of participant accrued benefit amounts;
(4) prepare and distribute to participants,
				volunteer fire companies or volunteer fire departments and sponsors, the
				reports and program summaries as required by this Part;
(5) if the Comptroller is not the
				administrator, prepare and furnish to the Comptroller such reports as the
				Comptroller may require;
(6) record
				and process contributions made by program sponsors;
(7) cooperate with the program actuary and
				program trustee to ensure the effective and efficient operation of the
				State-administered defined benefit volunteer firefighter service award
				programs, including the provision in a timely manner of such information as the
				program actuary and program trustee may require to exercise and perform their
				powers and duties;
(8) approve
				applications for distributions of service awards;
(9) record and process distributions of
				service awards;
(10) withhold all
				taxes and prepare all tax reporting forms required by Federal, State and local
				law; and
(11) perform such other
				functions as may be required by or pursuant to article 11-A of the General
				Municipal Law and this Part.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.16 - Program actuary

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The Comptroller may designate a member of his or her staff or contract with an
				actuary to serve as the program actuary.
(b) The program actuary shall calculate:
(1) the estimated annual cost and the
				components thereof of all proposed State-administered defined benefit volunteer
				firefighter service award programs and amendments to existing
				State-administered defined benefit volunteer firefighter service award
				programs;
(2) the estimated costs
				to terminate a State-administered defined benefit volunteer firefighter service
				award program;
(3) for each
				calendar year during which a State-administered defined benefit volunteer
				firefighter service award program is in effect, the actual cost of the
				State-administered defined benefit volunteer firefighter service award program,
				including all components of such actual cost;
(4) the amount of all actual distributions of
				service awards, including all amounts payable under actuarially equivalent
				forms of payment of service awards;
(5) any other amounts, costs or actuarial
				present values related to a State-administered defined benefit volunteer
				firefighter service award program requested by the Comptroller, the program
				trustee or required by law, rule or regulation or by generally accepted
				actuarial or accounting practices applicable to State-administered defined
				benefit volunteer firefighter service award programs.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.17 - Program trustee

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The Comptroller may designate himself or herself as program trustee or the
				Comptroller may contract with a financial organization or administrative
				service agency to serve as program trustee.
(b) The program trustee shall:
(1) hold the assets of the programs in
				trust;
(2) receive and process
				contributions to the trust in a timely manner;
(3) invest the assets of the trust;
(4) determine the fair market value of the
				trust estate as of each valuation date as defined in the program agreement,
				commencing with December 31, 2007;
(5) make payments approved by the
				administrator to program participants and their beneficiaries, and other
				approved disbursements from the trust fund;
(6) provide the administrator and program
				actuary with such information as may be necessary to enable the administrator
				and program actuary to prepare the annual reports for sponsors and annual
				participant statements provided for in this Part and program agreement,
				including the reports and statements required for calendar year 2007;
(7) provide the administrator with such
				information as may be necessary to enable the administrator to withhold all
				appropriate taxes and prepare and file all tax reporting forms required by
				Federal, State and local law; and
(8) cooperate with the administrator, program
				actuary and the Comptroller to ensure the effective and efficient operation of
				the programs. In furtherance of this purpose, the program trustee shall provide
				in a timely manner such information as the administrator and program actuary
				may require to exercise and perform their powers and duties under the General
				Municipal Law, this Part and the program agreement. The program trustee shall
				also provide in a timely manner such information as the Comptroller may require
				to monitor the operation of the programs.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.18 - Program document

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				The administrator shall provide the chief executive officer of each sponsor
				with a copy of the State-administered defined benefit volunteer firefighter
				service award program document. Such program document shall include a copy of
				the trust agreement and the adoption or transfer agreement, as
				amended.
(b) The administrator
				shall prepare, maintain and may amend the program document. The program
				document shall set forth the rights and obligations of sponsors, volunteer
				firefighters, participants and beneficiaries of participants, and procedures
				for the administration of State- administered defined benefit volunteer
				firefighter service award programs. The program document and any amendments
				thereto shall be consistent with the provisions of article 11-A of the General
				Municipal Law and the provisions of this Part, as amended. If the program
				document is prepared by an administrative service agency or a financial
				organization, the program document and any amendments thereto shall not take
				effect until approved by the Comptroller.
(c) The Comptroller shall prepare and/or
				amend the trust agreement pursuant to section 216-c  of the General Municipal Law. The
				Comptroller may, however, direct the program trustee to prepare and/or amend
				the trust agreement subject to review and approval by the Comptroller. The
				Comptroller shall provide to the administrator a copy of the trust agreement
				and any amendments thereto.
(d) The
				adoption or transfer agreement shall be prepared by the administrator and the
				sponsor as provided in section
				155.5 
				of this Part.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.19 - Reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a) On or before
				September 30th of each year, the administrator shall provide to each sponsor a
				report which shall include, but not be limited to, the following information
				for the sponsor for the preceding calendar year:
(1) the total value of program assets as of
				January 1st;
(2) the total amount
				contributed to the program by the sponsor;
(3) the total amount of trustee expenses
				charged against program assets;
(4)
				the total amount of administrative expenses charged against program
				assets;
(5) the total amount of
				interest and investment earnings credited to program assets;
(6) the total amount of investment losses
				charged to program assets;
(7) the
				total amount of distributions;
(8)
				the total amount of forfeitures;
(9) the total value of program assets as of
				December 31st;
(10) the actuarially
				determined normal cost and prior service cost for the preceding calendar
				year;
(11) the names of persons
				paid service awards during the preceding calendar year as well as the amount
				paid to each person during such year;
(12) the names and earned service credit of
				all persons who were participants in the program, including those in pay status
				or pending pay status, as of December 31st of such preceding calendar year
				along with a statement setting forth each person's status in the program as of
				such date;
(13) the names of those
				active volunteer firefighters who were not participants as of December 31st of
				such preceding calendar year; and
(14) the projected annual program costs for
				each year within the five calendar year period next following the current
				calendar year.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.20 - Disclosure

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Not later than
				six months after a volunteer firefighter becomes a participant in a State-
				administered defined benefit service award program, the administrator shall
				provide to the volunteer fire company or volunteer fire department of which the
				participant is a member, and promptly thereafter the volunteer fire company or
				volunteer fire department shall provide to the participant, a summary of the
				program's provisions as adopted by the sponsor of the program.
(b) In the event that a State-administered
				volunteer firefighter defined benefit service award program is amended, the
				administrator shall provide to each volunteer fire company or volunteer fire
				department a copy of the amendment and a written non-technical explanation of
				such amendment within six months after the date on which the amendment takes
				effect and promptly thereafter each volunteer fire company or volunteer fire
				department shall provide a copy of the amendment and explanation to each
				participant who is a volunteer firefighter of the volunteer fire company or
				volunteer fire department.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.21 - Standards for selecting service providers

Current through Register Vol. 46, No. 28, July 10, 2024
Service providers shall be selected after competitive
				  proposals are solicited.
(a) When
				selecting an administrative service agency or financial organization to serve
				as administrator, the following standards shall be utilized, with each standard
				to be weighted at the discretion of the Comptroller:
(1) the entity's experience with defined
				benefit programs;
(2) the entity's
				ability to perform the required duties; and
(3) the cost of services to be provided by
				the entity.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.22 - Acknowledgment

Current through Register Vol. 46, No. 28, July 10, 2024
Each actuary, administrative service agency or financial
				  organization selected to provide services in connection with State-administered
				  volunteer firefighter defined benefit service award programs shall
				  contractually agree to discharge its duties as a fiduciary solely in the
				  interest of the participants and beneficiaries of the State-administered
				  defined benefit volunteer firefighter service award programs. The fiduciary
				  standard of care, which shall be an express provision of any contract with an
				  actuary, administrative service agency or financial organization, shall permit
				  the fiduciary to accept, hold, invest in and retain only such investments as
				  would be made 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 a
				  like character and with like aims.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.23 - Solicitation, education and confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No financial organization, administrative
				service agency or actuary, nor any of their agents, shall solicit a volunteer
				firefighter to purchase any products made available by such financial
				organization, administrative service agency or actuary other than in connection
				with the State-administered defined benefit volunteer firefighter service award
				program, nor use information obtained by reason of its appointment as a
				financial organization, administrative service agency, or actuary to solicit
				volunteer firefighters with respect to such other products.
(b) Educational materials designed to
				acquaint volunteer firefighters with the benefits of the State-administered
				defined benefit volunteer firefighter service award program may be provided by
				the financial organization, administrative service agency, or actuary upon
				prior approval by the Office of the State Comptroller. In addition, at the time
				of distribution of a service award, an administrative service agency, financial
				organization, or actuary may include with the distribution written information
				concerning the potential tax consequences of the distribution and generic
				categories of investment options. Such information may contain a statement
				indicating that additional information may be obtained from the administrative
				service agency, financial organization, or actuary or their agents and from
				other financial institutions, but in all cases such information shall also
				contain a clear and prominent statement that the Office of the State
				Comptroller does not review, approve, endorse or recommend, and is not in any
				way involved with, any financial instrument, product or service offered by or
				acquired through, an administrative service agency, financial organization, or
				actuary or their agents, or any other financial institution.
(c) Except as otherwise provided by law, all
				information obtained under the program by the sponsor, a volunteer fire company
				or volunteer fire department, an administrative service agency, financial
				organization, or actuary shall be confidential and shall be used exclusively
				for purposes relating to the program.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 155 - State-administered Defined Benefit Service Award Programs For Volunteer Firefighters › Section 155.24 - Optional forms of payment of service awards

Current through Register Vol. 46, No. 28, July 10, 2024
(a) There shall be two forms available for
				payment of service awards commencing on or after attainment of the entitlement
				age:
(1) a monthly payment straight life
				annuity (standard form);
(2) a 5-
				or 10-year continuous and certain monthly payment life annuity which is
				actuarially equivalent to the monthly payment straight life annuity (standard
				form).
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 156 - The New York Achieving A Better Life Experience Savings Account Act › Section 156.1 - Purpose; Authority

Current through Register Vol. 46, No. 28, July 10, 2024
The New York Achieving A Better Life Experience Savings
				  Account Act (NY ABLE Program or the Program) was established for the purpose of
				  enabling residents of New York to benefit from the tax incentive provided for
				  qualified disability expenses under the Internal Revenue Code of 1986, as
				  amended (the Code), and to encourage and assist individuals and families in
				  saving private funds for the purpose of supporting individuals with
				  disabilities, as defined by the Code, to maintain health, independence and
				  quality of life; and to provide secure funding for disability-related expenses
				  on behalf of designated beneficiaries with intellectual, developmental or other
				  disabilities that will supplement, but not supplant, benefits provided through
				  existing sources. The Comptroller of the State of New York (the Comptroller) is
				  required to implement the NY ABLE Program as a "qualified ABLE program" under
				  section 529A of the Code, and to make changes to the Program required for
				  participants to obtain the tax benefits provided thereunder. These rules,
				  developed in consultation with the Commissioners of the Office for People With
				  Developmental Disabilities, the Office of Mental Health, the Department of
				  Health, and the Office of Temporary and Disability Assistance, clarify and
				  implement certain provisions of Article 84 of the Mental Hygiene Law (Article
				  84), as authorized and required thereby, to maintain the Program as a qualified
				  A BLE program. In the event that changes in Federal law or rules necessitate
				  program changes in order to maintain the Program as a qualified ABLE program,
				  the Comptroller, in consultation with the above-referenced Commissioners, shall
				  promptly:
(a) Take all appropriate
				administrative steps to conform Program requirements to federal law and rules;
				and
(b) Initiate the rulemaking
				procedure to promulgate necessary and appropriate amendments to this
				Part.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 156 - The New York Achieving A Better Life Experience Savings Account Act › Section 156.3 - Maximum contribution amount

Current through Register Vol. 46, No. 28, July 10, 2024
The amount contributed to an account for a designated
				  beneficiary in the Program shall not exceed the amount established by the
				  Comptroller pursuant to Section 8 4.09 of the Mental Hygiene Law. The program
				  manager shall monitor contributions so as to prevent contributions to any
				  account for a designated beneficiary when such contribution would cause the
				  amount of money in such account to exceed this amount. Any amount tendered as a
				  contribution, or portion of a contribution, that if accepted as a contribution
				  would cause the amount in any account to exceed this amount, shall be rejected
				  as a contribution and shall be returned to the contributor.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 156 - The New York Achieving A Better Life Experience Savings Account Act › Section 156.4 - Withdrawals; distributions

Current through Register Vol. 46, No. 28, July 10, 2024
A designated beneficiary is eligible for a distribution from
				  accumulated funds deferred to his or her NY ABLE account in full or partial
				  disbursement options. Withdrawals from an account may be made on such notice as
				  is determined to be feasible by the program manager.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 156 - The New York Achieving A Better Life Experience Savings Account Act › Section 156.5 - Transfer to State

Current through Register Vol. 46, No. 28, July 10, 2024
Subject to any outstanding payments due for qualified disability expenses, upon the death of the designated beneficiary, all amounts remaining in the qualified ABLE account not in excess of the amount equal to the total medical assistance paid for the designated beneficiary after the establishment of the account, net of any premiums paid from the account or paid by or on behalf of the beneficiary to the State's Medicaid Buy-In or Medicare Savings programs, shall be distributed to the State upon the filing of a claim for payment by the State. For the purposes of this section, the State shall be a creditor of the account and not a beneficiary. Any amount remaining in the qualified ABLE account after any state recovery will become part of the designated beneficiary's estate or may be transferred to a successor designated beneficiary, if such a successor has been named to take effect upon the death of the original designated beneficiary, in accordance with federal regulations adopted under section  529A of the Internal Revenue Code.