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 154.2 - Definitions
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 154.2
Current through Register Vol. 46, No. 12, March 20, 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) Account means the bookkeeping account
established for a participant by the administrator.
(2) Account balance means, as of any given
time, the value of all contributions credited to a participant's account, plus
all interest, earnings and gains thereon, and minus all losses, distributions,
forfeitures and necessary administrative costs charged thereto.
(3) 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
154.10 of this
Part, such administrative service agency or financial organization.
(4) Comptroller means the New York State
Comptroller.
(5) Participant means
a volunteer firefighter who is eligible for a benefit under a State-
administered defined contribution volunteer firefighter service award
program.
(6) Prior service
contribution means a contribution to a defined contribution volunteer
firefighter service award program made by the sponsor of the program on behalf
of a participant for volunteer firefighter service rendered by the participant
during anyone of the five calendar years immediately preceding the adoption of
the 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 contributions for volunteer firefighter service
rendered during a period longer than the five calendar years immediately
preceding the adoption of the program.
(7) 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
contribution volunteer firefighter service award program.
(8) State-administered defined contribution
volunteer firefighter service award program means a service award program for
volunteer firefighters established or maintained as a defined contribution plan
for which State administration has been selected pursuant to article 11-A of
the General Municipal Law.
(9)
Valuation date means the last day of each calendar quarter, and each other day
as may be determined by the administrator, as of which the administrator shall
determine the value of participants' account balances.
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