§ 4602. Creation of retirement systems. (a) The employees, an
employer, or the employees and employer jointly, may create a retirement
system by filing in the office of the superintendent a declaration of
their intention to do so, in a form approved by the superintendent,
subscribed and affirmed as true under the penalties of perjury by two
provisional trustees or officers of such system, and an authenticated
copy of the constitution, by-laws or declaration of trust adopted to
regulate the affairs of the system.

(b) Upon such filing the superintendent may, if satisfied that the
rates of contribution are adequate and that the plan of operation is
sound and equitable, issue a license, subject to the provisions of
section one thousand one hundred two of this chapter, authorizing the
retirement system to do the business described in the plan.

(c) A system shall have trustees who shall choose officers or agents
to carry on the business of the system. The by-laws or declaration of
trust of such a system shall prescribe the manner in which and the
officers or agents by whom the system may be conducted and the manner in
which its funds shall be collected and disbursed.

(d) The funds and investments of a system shall be held independently
of the funds and investments of the employer and of any other person.
The manner of investment of the funds of a system shall be limited in
every respect as in the case of the funds of a domestic life insurance
company, except that investments shall be made under section one
thousand four hundred four not section one thousand four hundred five of
this chapter and shall be subject to the provisions of section one
thousand four hundred four of this chapter that relate specially to
retirement systems.

(e) A system shall not issue or deliver any certificate or contract
providing for or promising to pay any benefit until a copy of its form
has been filed with the superintendent and approved by him. Such
certificate or contract shall conform to the provisions of this article
and, insofar as practicable, to the other provisions of this chapter
applicable to similar policies or contracts.