New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter IV - Miscellaneous Rules
Part 152 - Defined Benefit Service Award Programs For Volunteer Ambulance Workers
Section 152.22 - Standards for selecting service providers
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 152.22
Current through Register Vol. 46, No. 12, March 20, 2024
(a) When selecting an administrative service agency or financial organization to serve as administrator, the following standards shall be utilized:
(1) the entity's
experience with defined benefit plans and/or service award programs;
(2) the entity's ability to perform the
required duties; and
(3) the cost
of services to be provided by the entity.
(b) When selecting an administrative service agency or financial organization to serve as program trustee or a financial organization to invest program funds, the following standards shall be utilized:
(1) the standards set forth in
subdivision (a) of this section;
(2) the entity's investment
expertise;
(3) the capitalization
of the entity; and
(4) the entity's
creditworthiness.
(c) When selecting the program actuary, the following standards shall apply:
(1) the standards set forth in subdivision
(a) of this section; and
(2) the
professional credentials of the person applying to be retained as the program
actuary.
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