N.Y. Est. Powers & Trusts Law § 9-2.1

§ 9-2.1 Rules governing accumulations\n (a) All directions for the accumulation of income are void unless\nauthorized by statute.\n (b) A direction for the accumulation of income is valid if such\naccumulation is to begin and terminate within the time allowed by the\nrule against perpetuities. An accumulation directed to continue for a\nperiod extending beyond the expiration of such time terminates upon such\nexpiration.\n (c) Where property is disposed of in trust for any religious,\ncharitable, educational or benevolent purpose and no valid future\nestate, except for a similar purpose, is created by such disposition, a\ndirection for the accumulation by the trustee of income received for\nsuch purpose is valid without regard to the time at which the\naccumulation is to begin or to terminate, but the accumulation is\nsubject to the supervision and control of the supreme court or the\nsurrogate's court as provided in 8-1.1.\n (d) The income from a trust created by an employer, as part of a stock\nbonus, a pension, disability or death benefit or profit-sharing plan,\nfor the exclusive benefit of some or all of his employees, to which\ncontributions are made by such employer or employees or both, for the\npurpose of distributing to such employees the income or principal, or\nboth, of the trust, may be accumulated until the funds are sufficient,\nin the opinion of the employer, to accomplish the purposes of such plan.\n