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Summary of differences between federal and state regulations
Employee benefits are generally covered under the federal jurisdiction of the Employee Retirement Income Security Act (ERISA).
Federal ERISA plans generally do not have to comply with state laws. ERISA rules preempt or block state laws that relate to ERISA plans. State insurance laws, however, do apply. If an employer chooses to provide retirement benefits, New York has laws governing those benefits. The laws provide, for example, the following:
The retirement “system” must have trustees who shall choose officers or agents to carry on the business of the system. The by-laws or declaration of trust of such a system shall prescribe the manner in which and the officers or agents by whom the system may be conducted and the manner in which its funds shall be collected and disbursed.
The funds and investments of the “system” must be held independently of the funds and investments of the employer and of any other person.
A system may provide pension benefits by entering into agreements with an employer or group of employers having a common retirement plan, which has been approved by the superintendent.
Systems must have at least 25 employees who are eligible for retirement benefits.
The participating employees, the employer, or both may contribute to the funds of the system and the rates of contribution must be fixed by the trustees.
State
Contact
New York Department of Insurance
Regulations
Laws of New York, Insurance, Article 46 Retirement systems
Federal
Contact
Employee Benefits Security Administration (EBSA), Office of the Assistant Secretary
Regulations
29 CFR chapter XXV (Parts 2509 – 2590)