N.Y. Comp. Codes R. & Regs. tit. 4 § 75.8

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

Section 75.8 - Payments to group term life insurance fund

(a) The premiums required to insure covered employees and retirees for any calendar month or biweekly payroll period shall be due and payable to the fund on the last day of the calendar month or biweekly payroll period, as the case may be.

(b) The comptroller or the chief fiscal officer of the participating employer, as the case may be, shall pay to the fund the premium deducted from the salary or wages of covered employees and with respect to retirees, premiums deducted from a retirement allowance paid by a public retirement system of the State.

(c) Each such payment by an employer shall be accompanied by an accounting thereof to be set forth on an appropriate form prescribed by the president.

(d) Premiums due from employees or retirees eligible for coverage for whom deduction pursuant to subdivision (b) of this section cannot be made shall be made directly to the fund by such employee or retiree monthly.

(e) No monies in the fund, other than the sums received therefor from the employer, shall be committed, encumbered or advanced to pay for the coverage of the employees and retirees of such employer.

N.Y. Comp. Codes R. & Regs. Tit. 4 § 75.8