§ 477. Retirement and insurance benefits for officers and employees.
1. Subject to such regulations as the superintendent of financial
services may prescribe, a credit union may, in the discretion of a
majority of all the board of directors, provide to officers and
employees retirement benefits, deferred compensation programs and other
employee benefit plans.

2. A credit union investing to fund a retirement benefit, deferred
compensation program or other benefit plan for its officers and
employees shall not be subject to or limited by the investment
provisions set forth in subdivision eighteen of section four hundred
fifty-four of this article so long as the investment is directly related
to the benefit plan, and any obligation or potential obligation
thereunder, and the credit union holds the investment for as long as it
provides such benefit plan or has any actual or potential obligation
thereunder.