N.Y. Comp. Codes R. & Regs. tit. 2 § 152.5

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

Section 152.5 - Adoption agreement

(a) Within 30 days of receipt of a notice of adoption, the administrator shall send to the chief executive officer of the sponsor a copy of the program agreement, the trust agreement and two copies of a completed adoption agreement for the program.

(b) The adoption agreement shall contain a statement that the sponsor agrees to abide by the provisions of article 11-AAA of the General Municipal Law, the rules and regulations promulgated thereunder and the program and trust agreements, as amended from time to time. The adoption agreement shall incorporate the following terms of the program as determined by the sponsor:

(1) the name of the sponsor;

(2) the name of each volunteer ambulance company having volunteer ambulance workers who are potential program participants;

(3) the benefit under the program;

(4) in the case of a defined benefit plan service award program which was not converted from a pre-existing defined contribution plan service award program:

(i) the date as of which the program shall take effect;

(ii) whether the program provides credit for years of ambulance service rendered by a participant during the five calendar years immediately preceding the adoption of the program;

(iii) if the program provides credit for years of ambulance service rendered by a participant during the five calendar years immediately preceding the adoption of the program, a statement setting forth the timing and method of financing the cost of providing such credit; and

(iv) if the 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 ambulance service shall be granted for activities performed between the immediately preceding first day of January and the effective date of the program;

(5) in the case of a defined benefit plan service award program which was converted from a defined contribution plan service award program:

(i) the effective date of the original defined contribution plan service award program (which shall be the effective date of the defined benefit plan service award program);

(ii) a statement setting forth whether the defined benefit plan service award program provides credit for years of ambulance service rendered by a participant during the five calendar years immediately preceding the effective date of the defined contribution plan program; and

(iii) if the defined benefit plan program allows credit for years of ambulance service during the five calendar years immediately preceding the effective date of the defined contribution plan service award program, a statement setting forth the timing and method of financing the cost of granting such service credit under the defined benefit plan service award program.

(c) Within 10 days of receipt of the completed adoption agreement from the administrator, the sponsor's legal counsel shall review the adoption agreement for consistency with the resolution authorizing the adoption of the program and the proposition submitted to referendum. Thereafter, the chief executive officer of the sponsor shall execute two originals of the adoption agreement, retain one executed original of the adoption agreement and the program and trust agreements as public records, and file one executed original of the adoption agreement with the administrator. The chief executive officer shall also cause a copy of the adoption agreement and program and trust agreements to be provided to each ambulance company for which the program is adopted.

(d) Upon receipt of one executed original of an adoption agreement, the administrator shall forward a copy of the adoption agreement to the program actuary.

(e) The administrator and the program actuary shall rely on the terms of the program as set forth in the adoption agreement until the administrator and program actuary receive a copy of an amended adoption agreement or notice of termination as provided in section 152.14 of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 152.5