New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter IV - Miscellaneous Rules › Part 150 - Service Award Programs For Volunteer Ambulance Workers › Section 150.8 - Distributions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A service award
				shall equal a participant's account balance as of the valuation date
				immediately succeeding application for distribution of the service award plus
				any unscheduled prior service contributions received by the administrator
				pursuant to section
				150.7 
				of this Part. A service award shall be paid in the form of a lump sum
				distribution or in such other manner selected by the participant in his or her
				application for distribution of the service award as may be permitted by the
				terms and conditions of the program document.
(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 acquired a nonforfeitable
				right to the service award and has reached entitlement age.
(c) A service award shall be payable only
				after an application for distribution is filed with the administrator and the
				administrator approves the application, and shall be paid as soon as
				practicable following approval of the application and the valuation date next
				succeeding the date the application is received by the administrator. The
				administrator shall determine whether to approve an application based on the
				terms of the sponsor's adoption agreement, the records maintained by the
				administrator and, in the case of disability or death, such additional records
				or information as the administrator may require. The administrator, in its sole
				discretion, may require the sponsor, the appropriate ambulance company or the
				participant to verify or supply any information the administrator deems
				necessary to determine entitlement to distribution of a service
				award.
(d) In the event that a
				participant becomes totally and permanently disabled as certified by the
				workers' compensation board or by any other competent authority approved by the
				administrator, and the disability prevents the participant from pursuing his or
				her normal occupation, the participant shall be entitled to apply for and
				receive distribution of a service award regardless of whether the participant
				has reached entitlement age or has acquired a nonforfeitable right to a service
				award.
(e) In the event of the
				death of a participant who has acquired a nonforfeitable right to a service
				award and who has not previously received distribution of all or any portion of
				a service award, the beneficiaries designated by the participant or, if no
				beneficiaries have been so designated, the participant's estate, shall be
				entitled to apply for and receive distribution of the participant's service
				award regardless of whether the participant had reached entitlement age before
				death. If a participant dies after receiving distribution of less than the full
				amount of the service award, the remaining portion, if any, shall be paid in
				accordance with the distribution option selected by the participant in his or
				her application for distribution of the service award made pursuant to this
				section.
(f) In the event that the
				sponsor has elected to pay prior service contributions in installments as
				provided in section
				150.7 
				of this Part and the administrator determines that a participant is eligible
				for a distribution of a service award prior to the payment of all annual
				installments of the participant's prior service contribution, the administrator
				shall promptly notify the sponsor of the amount of the unscheduled prior
				service contribution which must be paid to the administrator.