The Employer shall establish a separate fund to hold all assets and income of the Plan, including amounts, assets and income held in custodial accounts or annuity contracts described in Internal Revenue Code Section 401(f). Such fund shall be held in trust for the exclusive benefit of Participants and their Beneficiaries in accordance with the terms and conditions of the Plan, and for defraying reasonable expenses of administration of the Plan. With respect to custodial accounts or annuity contracts described in Internal Revenue Code Section 401(f), the contract documents and all other pertinent documents therefor shall clearly state that the amounts, assets and income subject thereto are so held. Neither the existence of the Plan, nor of the trust nor of the fund shall entitle any Participant, Beneficiary or other person to a claim or lien against the assets of the Plan or the trust. The Participants and their Beneficiaries shall have only the right to receive the benefits payable under the Plan as provided in this chapter.
SECTION HISTORY
Added by Ord. No. 154,806, Eff. 2-13-81.
Amended by: In Entirety, Ord. No. 159,849, Eff. 6-22-85; In Entirety, Ord. No. 172,105, Eff. 7-14-98; In Entirety, Ord. No. 174,407, Eff. 2-28-02, Oper. 1-1-02.