Sec. 150.4. Adoption agreement

(a) Within 30 days of receipt of the notice of adoption provided for in section 150.3 of this Part, the administrator shall send to the chief executive officer of the sponsor a copy of the program document and two copies of a standard form of adoption agreement for the program.

(b) The form of adoption agreement shall contain a statement that the sponsor agrees to abide by the provisions of article 11-AA of the General Municipal Law, the rules and regulations promulgated thereunder and the program document, as amended from time to time. The form of adoption agreement shall be completed by incorporating the following terms of the program as determined by the sponsor:

(1) entitlement age;

(2) the number of years of ambulance service required for a participant to obtain a nonforfeitable right to a service award;

(3) the amount to be contributed to the program by the sponsor on behalf of each participant who is credited with a year of ambulance service; and,

(4) whether the sponsor shall make prior service contributions and, if so, the number of years for which such contributions shall be made and an irrevocable election to pay prior service contributions in the form of a single lump sum payment or in five equal annual installments as provided in section 150.7 of this Part.

(c) Within 30 days of receipt of the form of adoption agreement, the chief executive officer shall complete and execute two originals of the adoption agreement, retain one executed original of the adoption agreement and the program document as public records, and file one executed original of the adoption agreement with the administrator. The chief executive officer shall also cause a copy of the adoption agreement and program document to be provided to each ambulance company for which the program is adopted.

(d) The administrator shall rely on the terms of the program determined by the sponsor as set forth in the adoption agreement until such time as the chief executive officer of the sponsor files a notice of amendment or a notice of termination with the administrator as provided in section 150.9 of this Part.