N.Y. Comp. Codes R. & Regs. tit. 18 § 725.3

Current through Register Vol. 46, No. 51, December 18, 2024

Section 725.3 - Conditions

(a) The plan shall be noncontributory on the part of the operators. All contributions to the pension fund shall be made by the commission which shall include an initial sum on assignment from the general purposes fund, a subfund of the vending stand program fund in the custody of the State Comptroller, limited to that portion of the general purposes fund derived from unassigned vending stand commissions from buildings owned or operated by the State of New York plus an annual sum, insofar as it may be available, on assignment from such general purposes fund, also limited to that portion of the general purposes fund derived from unassigned vending stand commissions from buildings owned or operated by the State of New York.

(b) All blind vending stand operators shall be eligible to participate in the plan in accordance with all of the terms and conditions of the plan.

(c) The plan shall be operative and effective only for so long as it will be entitled to tax exemption under the provisions of section 501(a) and be qualified under section 401(a) of the Internal Revenue Code.

(d) All contributions from the general purposes fund or otherwise, necessary for the plan, shall be placed by the commission in trust, the trustees of which shall be staff employees of the commission, to be appointed by the director of the commission and to serve in accordance with the terms and conditions of the plan. The director of the commission shall also serve as chairman of the board of trustees.

N.Y. Comp. Codes R. & Regs. Tit. 18 § 725.3