New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle II - Deferred Compensation Board
Part 9001 - General Provisions
Section 9001.2 - Establishment of plan by local employer

Universal Citation: 9 NY Comp Codes Rules and Regs ยง 9001.2

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Except as specifically provided in this subdivision, a local employer may not establish or maintain more than one plan for its employees. A local employer may establish a plan for its employees:

(1) by becoming a participating employer in the State plan as provided therein;

(2) by adopting the model plan in accordance with the procedures prescribed in Part 9002 of this Subtitle; or

(3) by adopting another plan which complies with all requirements of this Subtitle and section 457 of the Internal Revenue Code in accordance with the procedures prescribed in Part 9002 of this Subtitle.

A local employer which has previously established a plan may establish a plan in accordance with the requirements of this Subtitle so long as:

(i) all amounts held under the previously established plan have been distributed or otherwise paid out in accordance with the terms of such previously established plan and all other obligations of the previously established plan have been satisfied; or

(ii) another local employer has been substituted as sponsor of the previously established plan.

(b) A deferred compensation committee shall be appointed by a local employer to act on behalf of the local employer under the model plan or a plan described in paragraph (a)(3) of this section to the extent permitted or required by this Subtitle and by such plan whenever such employer adopts such plan and shall continue in existence, as it may be reconstituted from time to time by the local employer in accordance with applicable law, for so long as such plan remains in existence.

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