N.Y. Banking Law § 477

§ 477. Retirement and insurance benefits for officers and employees.\n1. Subject to such regulations as the superintendent of financial\nservices may prescribe, a credit union may, in the discretion of a\nmajority of all the board of directors, provide to officers and\nemployees retirement benefits, deferred compensation programs and other\nemployee benefit plans.\n 2. A credit union investing to fund a retirement benefit, deferred\ncompensation program or other benefit plan for its officers and\nemployees shall not be subject to or limited by the investment\nprovisions set forth in subdivision eighteen of section four hundred\nfifty-four of this article so long as the investment is directly related\nto the benefit plan, and any obligation or potential obligation\nthereunder, and the credit union holds the investment for as long as it\nprovides such benefit plan or has any actual or potential obligation\nthereunder.\n