N.Y. Comp. Codes R. & Regs. tit. 2 § 152.18

Current through Register Vol. 46, No. 50, December 11, 2024

Section 152.18 - Program trustee

(a) The Comptroller may designate himself or herself as program trustee or the Comptroller may contract with a financial organization or administrative service agency to serve as program trustee.

(b) The program trustee shall:

(1) hold the assets of the programs in trust;

(2) receive and process contributions to the trust in a timely manner;

(3) invest the assets of the trusts;

(4) determine the fair market value of the trust estate as of each valuation date as defined in the program agreement, commencing with December 31, 2000;

(5) make payments approved by the administrator to program participants and their beneficiaries, and other approved disbursements from the trust fund;

(6) provide the administrator and program actuary with such information as may be necessary to enable the administrator and program actuary to prepare the annual reports for sponsors and annual participant statements provided for in these rules and regulations and program agreement, including the reports and statements required for calendar year 2000;

(7) provide the administrator and program actuary with such information as may be necessary to enable the administrator and program actuary to withhold all appropriate taxes and prepare and file all tax reporting forms required by Federal, State and local law; and

(8) cooperate with the administrator, program actuary and the Comptroller to ensure the effective and efficient operation of the programs. In furtherance of this purpose, the program trustee shall provide in a timely manner such information as the administrator and program actuary may require to exercise and perform its powers and duties under the General Municipal Law, these rules and regulations and the program agreement. The program trustee shall also provide in a timely manner such information as the Comptroller may require to monitor the operation of the programs.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 152.18