New York Codes, Rules and Regulations (NYCRR)
Title 9 Part 9001
Executive Department
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5 sections1 former section
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9 NYCRR 9001.1 - Application; incorporation by reference
Later State Register activity may affect this section.
Dates and status
- NYCRR title agency
- Executive Department
- Section status
- Section source receipt
- Source version current through
- May 15, 2022
(a)This Subtitle shall be interpreted and applied so that any plan established hereunder shall be an eligible Deferred Compensation Plan under section 457 of the Internal Revenue Code.
(b)The board hereby adopts and incorporates by reference the provisions of sections 457, 401(a)(9) and 72(p) of the Internal Revenue Code and the corresponding sections of title 26 of the Code of Federal Regulations and Section 203 of the Investment Advisers Act of 1940, effective as of the date of the adoption of these Regulations (March 12, 2003). Copies of said material may be obtained from the U.S. Government Printing Office, Washington, DC 20402 and such material is available for public inspection and copying at the offices of the New York State Deferred Compensation Board, Empire State Plaza Concourse - North, Room 124, Albany, NY 12223.
9 NYCRR 9001.2 - Establishment of plan by local employer
Later State Register activity may affect this section.
Dates and status
- NYCRR title agency
- Executive Department
- Section status
- Section source receipt
- Source version current through
- May 15, 2022
(a)Except as specifically provided in this subdivision, a local employer may not establish or maintain more than one plan for its employees. A local employer may establish a plan for its employees:
(1)by becoming a participating employer in the State plan as provided therein;
(2)by adopting the model plan in accordance with the procedures prescribed in Part 9002 of this Subtitle; or
(3)by adopting another plan which complies with all requirements of this Subtitle and section 457 of the Internal Revenue Code in accordance with the procedures prescribed in Part 9002 of this Subtitle.
A local employer which has previously established a plan may establish a plan in accordance with the requirements of this Subtitle so long as:
(i)all amounts held under the previously established plan have been distributed or otherwise paid out in accordance with the terms of such previously established plan and all other obligations of the previously established plan have been satisfied; or
(ii)another local employer has been substituted as sponsor of the previously established plan.
(b)A deferred compensation committee shall be appointed by a local employer to act on behalf of the local employer under the model plan or a plan described in paragraph (a)(3) of this section to the extent permitted or required by this Subtitle and by such plan whenever such employer adopts such plan and shall continue in existence, as it may be reconstituted from time to time by the local employer in accordance with applicable law, for so long as such plan remains in existence.
9 NYCRR 9001.3 - Ineligibility
Later State Register activity may affect this section.
Dates and status
- NYCRR title agency
- Executive Department
- Section status
- Section source receipt
- Source version current through
- May 15, 2022
Independent contractors shall not be eligible to participate in any plan.
9 NYCRR 9001.4 - Special provisions
Later State Register activity may affect this section.
Dates and status
- NYCRR title agency
- Executive Department
- Section status
- Section source receipt
- Source version current through
- May 15, 2022
(a)Actuarial tables which distinguish on the basis of sex shall not be utilized for any purpose under any plan.
(b)Any installment distribution option permitted by any plan shall comply with all requirements of sections 457 and 401(a)(9) of the Internal Revenue Code and any treasury regulations promulgated thereunder.
(c)Any plan shall provide clear procedures for the review of domestic relations orders and shall require compliance with all domestic relations orders properly issued in accordance with such procedures and the requirements of applicable law in respect of amounts under the plan.
(d)Any plan established under this Subtitle may permit the loan of any amounts under such plan solely, a participant or beneficiary; provided that such plan establishes clear procedures for the administration of such loans and shall require compliance of sections 457 and 72(p) of the Internal Revenue Code and any treasury regulations promulgated thereunder and any other applicable laws.
Former section numbers
- 9 NYCRR 9001.5
- The State's compiled source lists this section only as [Renumbered]. LawEngine treats it as a status flag, not current operative rule text.