N.Y. Comp. Codes R. & Regs. tit. 2 § 155.17

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

Section 155.17 - 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 trust;

(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, 2007;

(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 this Part and program agreement, including the reports and statements required for calendar year 2007;

(7) provide the administrator with such information as may be necessary to enable the administrator 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 their powers and duties under the General Municipal Law, this Part 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.

(c) If the Comptroller is not the program trustee, the fee for providing such services and any other services provided by the program trustee shall be a charge against the sponsor and not exceed the amount or amounts which the program trustee is permitted to charge pursuant to an agreement between the program trustee and the Comptroller.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 155.17