§ 250. Pensions; insurance.
127 words·~1 min read·
/ny/banking/savings-banks/250·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 250. Pensions; insurance. Subject to such regulations as the
superintendent of financial services may prescribe, a savings bank may,
in the discretion of a majority of all the trustees:
1. Provide pensions to officers and employees pursuant to a
nondiscriminatory plan for service rendered to the savings bank or for
having become incapacitated while in service to the savings bank,
including annual supplements to retirees based upon the "current cost of
living index figure" for any calendar year based upon the Consumer Price
Index as issued by the bureau of labor statistics of the United States
department of labor.
2. Provide life insurance for its officers and employees, provided
that life insurance is not purchased solely for or on behalf of officers
and highly compensated employees.