New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter VI - New York State and Local Employees' Retirement System and New York State and Local Police and Fire Retirement System
Part 379 - COMPLIANCE WITH INTERNAL REVENUE CODE SECTIONS 401(A) AND 415(B) PROVISIONS
Section 379.1 - Background

The New York State and Local Retirement System's qualified plan status pursuant to the Internal Revenue Code affords certain deferred tax benefits on contributions and investment gains and refunds of tax withholdings on the plans' international investments. In order to protect its qualified plan status and ensure continued tax-favorable benefits the New York State and Local Retirement System is required to adopt changes and update plan documents according to the changes periodically made to the Internal Revenue Code that apply to governmental retirement plans. This Part is being promulgated to comply with the Internal Revenue Code and ensure maintenance of the plans' qualified status.