§ 208. Authorized individual retirement plans. 1. a. The term\n"authorized individual retirement plan" as used in this section shall\nmean an individual retirement plan, as defined in the Economic Recovery\nTax Act of 1981 (P.L. 97-34), established and maintained by one or more\nfinancial organizations with which a committee established herein has\ncontracted pursuant to this section for the purposes of employee\ncontribution by payroll deductions.\n b. The term "financial organization" as used in this section shall\nmean an organization that is authorized to do business in the state of\nNew York, and is licensed or chartered by the state department of\nfinancial services, is chartered by an agency of the federal government,\nor is subject to the jurisdiction of the securities and exchange\ncommission.\n 2. The president of the civil service commission is authorized to\nenter into contracts, on behalf of the state, with one or more financial\norganizations to provide for authorized individual retirement plans in\nwhich employees of the state eligible to authorize payroll deductions by\nsubdivision seven of section two hundred one of this article may\nparticipate. Any such contract shall be administered on behalf of the\nstate by the president of the civil service commission and shall be\nsubject to audit by the comptroller. No such contract shall take effect\nuntil it has been submitted to and approved by the director of the\nbudget and then approved by the comptroller.\n
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