New York State Law requires 15% of a child perfomer's earnings to be placed in trust in accordance with Part 7 of Article 7 of the Estates, Powers and Trusts Law. The child performer's parents or guardian must establish the Child Performer Trust account to comply with this requirement. The child's parents or guardian must provide the child performer's employer with the information necessary to transfer these monies to the account. Failure to comply with this requirement will prevent the Department of Labor from renewing the child's permit to work as a child performer.
Under New York State law, a child performer’s employer must transfer 15% of the gross earnings for placement into a trust set up for the child performer by the child performer the parent or guardian.
The employer must:
· Obtain from the child performer’s parent/guardian or custodian the information required to make the transfers
· Transfer the appropriate amounts for placement into the trust account
o When the employment contract is for 30 days or less, transfer 15% of gross earnings within 30 days following the final day of the child performer’s employment
o When the employment contract is for longer than 30 days, transfer 15% of gross earnings at the end of each payroll period
o By request of the parent/guardian or custodian, the amount transferred can be increased to more than 15%
o If the parent/guardian or custodian has not provided the necessary information within 15 days of the start of employment, or no such account has been established, transfer the money together with the child performer’s name and last known address to the State Comptroller for placement into the child performer’s holding fund. Contact the State Comptroller about this at (518) 486-1240.
The parent/guardian must:
· Set up a child performer trust account and notify the child performer’s employer of the existence of the account (including any details required to make transfers) within 15 days of the start of employment, unless one already exists when the child is employed under a Temporary 15-Day Online Child Performer Permit.
· Notify the child performer’s employer of the existence of the account at the start of employment (including any details required to make transfers) by attaching trust information to the copy of the 12-month Child Performer Permit given to the employer.
· Notify the employer of any change in facts that could affect the employer’s obligation to make transfers
· Notify the child performer’s employer if they wish to transfer more than 15% of the child performer’s gross earnings
· Appoint a trust company as custodian of the account once the balance reaches $250,000
· Child Performer Trust Documentation must also be provided by the parent/guardian to any employer who engages minors at paid performance work under an Employer Certificate of Group Eligibility to Employ Child Performers.
· Submit account information or updated information when applying for a 12 month permit.
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