N.Y. Ins. Law § 4603

§ 4603. Benefits. (a) A system providing retirement benefits by\nagreement with an employer may also provide in the same agreement for\nwithdrawal equities and benefits on account of disability or death.\n (b) A system may provide pension benefits by entering into agreements\nwith an employer or group of employers having a common retirement plan\nwhich has been approved by the superintendent to receive funds which are\nto be accumulated at interest and, subject to the conditions agreed\nupon, to apply the accumulated funds to provide pension benefits for the\nemployees of the employer or group of employers as each employee\nretires.\n (c) No agreement shall be entered into with an employer or group of\nemployers having less than twenty-five employees who are eligible for\nretirement benefits under the agreement.\n (d) The accumulation of any funds contributed by an employee shall be\nused for his exclusive benefit.\n