§ 6251. Optional retirement program established. 1. There is hereby
established an optional retirement program which shall provide for the
purchase of contracts providing retirement and death benefits for or on
behalf of electing employees. Under such program the city and such
employee shall contribute, to the extent authorized or required, towards
the purchase of such contracts, which shall be issued to, and become the
property of, such employees. The board may elect to offer the optional
retirement program to eligible employees by resolution, which shall
become effective upon approval by the mayor of the city of New York.

2. The board shall designate the insurer or insurers to which payment
of such contributions may be made and shall approve the form and content
of such contracts. In making such designation and giving such approval
the board shall give due consideration to (i) the nature and extent of
the rights and benefits to be provided by such contracts for electing
employees and their beneficiaries, (ii) the relation of such rights and
benefits to the amount of contributions to be made under this article,
(iii) the suitability of such rights and benefits to the needs and
interests of electing employees and to the interests of the city
university in the employment and retention of eligible employees and
(iv) the authority and ability of the designated insurer or insurers to
provide rights and benefits under such contracts.

3. The board is hereby authorized to provide for the administration of
such optional retirement program and to perform or authorize the
performance of such functions as may be necessary for such purposes in
accordance with this article.