All amounts of compensation deferred under the Internal Revenue Code § 457 public employee deferred compensation plan of the City and County of Honolulu as well as property and rights purchased with such amounts and all income attributable to such amounts, property and rights shall be recorded in the deferred compensation fund and shall be held in trust outside the city treasury in accordance with § 457 of the Internal Revenue Code for the exclusive benefit of the plan’s participants and its beneficiaries.
(Sec. 5-49.2, R.O. 1978 (1987 Supp. to 1983 Ed.)) (1990 Code, Ch. 6, Art. 42, § 6-42.2) (Am. Ord. 08-17)