New York Laws
Article 43 - Non-Profit Medical and Dental Indemnity, or Health and Hospital Service Corporations
4312 - Employment of Solicitors; Pension Plans.

(b) No corporation subject to the provisions of this article shall
hereafter enter into any agreement, directly or indirectly, with an
officer, director or salaried employee of such corporation whereby it
agrees that for any services rendered or to be rendered he shall receive
any salary, compensation or emolument that will extend beyond a period
of thirty-six months from the date of such agreement, except that
payment of an amount not in excess of twenty percent for the years
nineteen hundred eighty-five and nineteen hundred eighty-six and
thirty-three and one-third percent for the year nineteen hundred
eighty-seven and thereafter of the salary or other compensation of any
of its officers or employees, other than a mechanic, workingman or
laborer, may by written contract be deferred beyond such period of
thirty-six months, which contract may include conditions to be met by
such officer or employee before payment will be made. No such
corporation shall grant any pension to any officer, director or trustee
thereof or to any member of his family after death, except that such
corporation may, in pursuance of the terms of a retirement plan adopted
by the board of directors of such corporation and approved by the
superintendent, provide for any person who is a salaried officer or
employee of such corporation, a pension payable at the time of his
retirement by reason of age or disability, and also life insurance
benefits payable at his death.

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