2 CRR-NY 154.4NY-CRR
2 CRR-NY 154.4
2 CRR-NY 154.4
154.4 Adoption or transfer agreement.
(a)
(1) State administration of a newly adopted defined contribution volunteer firefighter service award program shall not be effective until the sponsor and the administrator deliver to each other duly executed originals of an adoption or transfer agreement setting forth the obligations of the sponsor and the locally-determined features of the defined contribution volunteer firefighter service award program.
(2) No transfer to the State of responsibility for administration of a defined contribution volunteer firefighter service award program shall be effective until:
(i) the sponsor and the administrator deliver to each other duly executed originals of an adoption or transfer agreement setting forth the obligations of the sponsor and the locally- determined features of the defined contribution volunteer firefighter service award program; and
(ii) the sponsor pays in full to the administrator the cash value of all program assets plus any additional amount determined by the administrator to be necessary to fully finance all existing obligations of such program, up to and including contributions for credit for years of firefighting service performed during the calendar year immediately preceding the year in which State administration commences and any unpaid prior service costs payable in a lump sum pursuant to section 154.7(a) of this Part. Such payment shall be made in cash or cash equivalents acceptable to the administrator, and the administrator shall not be obligated to accept an insurance contract, a security, or any other asset that is not cash or a cash equivalent. Such payment shall be made at the time that the adoption or transfer agreement is submitted to the administrator pursuant to subdivision (c) of this section.
(3) An adoption or transfer agreement shall include, but shall not be limited to, the following provisions:
(i) an original or copy of the notice of adoption or transfer submitted by the sponsor pursuant to section 154.3 of this Part, together with a warranty by the sponsor of the accuracy and completeness of the information set forth in such notice and an express agreement by the sponsor to submit promptly to the administrator such additional information as may be necessary to make the records of the defined contribution volunteer firefighter service award program accurate and complete;
(ii) an express agreement by the sponsor to pay to the administrator on time and in full all required annual contributions, fees, charges, or assessments determined by the administrator;
(iii) in the case of a defined contribution volunteer firefighter service award program being transferred from local administration to State administration, a statement of the payment to be made to the administrator by the sponsor for the purpose of fully financing the obligations of the defined contribution volunteer firefighter service award program, together with an express agreement by the sponsor to make such payment to the administrator at the time that the adoption or transfer agreement is submitted to the administrator pursuant to subdivision (c) of this section, and an express agreement by the sponsor to turn over to the administrator in a timely manner such records as the administrator deems necessary to effectuate such transfer;
(iv) an express agreement by the sponsor:
(a) that the Comptroller shall have the authority to suspend or terminate State administration of a defined contribution volunteer firefighter service award program at any time the Comptroller determines that the sponsor has failed, for more than 30 days beyond the due date, to make any required payment or to satisfy any other material obligation of the adoption or transfer agreement;
(b) that the Comptroller may elect, at his or her sole option, to collect any required payment or other material obligation owed by the sponsor by delivering to the sponsor a duly executed order specifying the overdue amount and requiring the sponsor to pay such amount from any funds available therefor;
(c) that the Comptroller may elect, at his or her sole option, to collect any required payment or other material obligation owed by the sponsor by intercepting the requisite amount from any State aid payment or other amount otherwise due to the sponsor from the State and applying the same to satisfy the overdue obligation; and
(d) that, notwithstanding such suspension or termination, the sponsor shall continue to be obligated to make all required payments and to satisfy all other material obligations of the adoption or transfer agreement;
(v) a statement that the sponsor agrees to abide by the provisions of article 11-A of the General Municipal Law, the rules and regulations promulgated thereunder and the program document, as amended from time to time. The adoption or transfer agreement shall be completed by incorporating the following locally-determined features of the State-administered defined contribution volunteer firefighter service award program:
(a) entitlement age;
(b) the number of years of volunteer firefighter service required for a participant to obtain a nonforfeitable right to a service award;
(c) the amount to be contributed to the program by the sponsor on behalf of each participant who is credited with a year of firefighting service;
(d) whether the sponsor shall make prior service contributions and, if so, the number of years for which such contributions shall be made and, if such prior service contributions have not been fully paid prior to commencement of State administration, an irrevocable election to pay prior service contributions in the form of a single lump sum payment or in annual installments as provided in section 154.7 of this Part;
(e) the amount of any optional additional line of duty disability or death benefit;
(f) the date as of which the newly adopted State-administered defined contribution volunteer firefighter service award program shall take effect;
(g) if the State-administered defined contribution volunteer firefighter service award program is to take effect on a day other than the first day of January, a statement setting forth whether points toward a year of firefighting service shall be granted for activities performed between the immediately preceding first day of January and the effective date of the State-administered defined contribution volunteer firefighter service award program; and
(vi) a certification that, prior to the approval of a resolution by a governing board and the approval of a proposition by voters authorizing the transfer of a locally-administered defined contribution volunteer firefighter service award program to State administration, the sponsor fully disclosed to each participant in the locally-administered program the estimated effects of such transfer on the value of such participant's defined contribution account, including, but not limited to, any investment losses incurred during local administration, any investment losses anticipated as a result of trading or liquidating program assets in order to acquire assets acceptable to the State program administrator, and any fees and expenses incident to the transfer; and
(vii) such other provisions as the Comptroller may deem necessary and advisable to assure the proper financing and management of the State-administered defined contribution volunteer firefighter service award program.
(b) Within 30 days of receipt of the notice of adoption or transfer required by section 154.3 of this Part, the administrator shall send to the chief executive officer of the sponsor a copy of the program document and an adoption or transfer agreement for the State-administered defined contribution volunteer firefighter service award program.
(c) Within 30 days of receipt of the adoption or transfer agreement, the chief executive officer shall complete and execute two originals of the adoption or transfer agreement, retain one executed original of the adoption or transfer agreement and the program document and trust agreement as public records, and submit one executed original of the adoption or transfer agreement to the administrator. The chief executive officer shall also cause a copy of the adoption or transfer agreement and program document and trust agreement to be provided to each volunteer fire company or volunteer fire department for which the State-administered defined contribution volunteer firefighter service award program is adopted or for which the responsibility for administration is transferred to the Comptroller or service providers retained by the Comptroller.
(d) The administrator shall rely on the information set forth in the adoption or transfer agreement until such time as the chief executive officer of the sponsor files a notice of amendment or a notice of termination with the administrator as provided in section 154.9 of this Part.
2 CRR-NY 154.4
Current through August 31, 2022
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