17:9A-27.8. Methods of effecting plans
262 words·~1 min read·
/nj/title-17/chapter-9a/17-9a-27-8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A plan may be effected and maintained through
(a)a fund accumulated from the income of a bank, or set aside out of surplus, out of which retirement benefits may be paid directly, or which may be used, in whole or in part, for the purchase of annuity or insurance contracts, or both; or
(b)A trust fund or funds accumulated or set aside and administered for the purposes and in the manner provided by paragraph
(a)of this section, to be held in trust by the bank or by a trustee or trustees designated by the bank, and which shall not be subject to any law against perpetuities, restraints on alienation, or perpetual accumulations; or
(c)the purchase of group annuity or insurance contracts, or both; or
(d)a fund accumulated by contributions made thereto by two or more corporations which are banks, savings banks or national banks of this State or of any other State, pursuant to a retirement system created under the laws of this State or of the State of New York, limited in membership to such corporations and providing for the retirement of officers and employees of such corporations; or
(e)a plan
(1)which is administered by a corporation not for pecuniary profit organized under the laws of this State,
(2)in which two or more banks, savings banks or national banks, participate or are members; and
(3)which is underwritten by a group annuity contract issued by a life insurance company authorized to transact business in this State.
L.1953, c. 124, p. 1313, s. 8.