(A) The purpose of the plan-trust is to hold the investments and any other money or property held for the purposes of the plan solely as plan assets for the purpose of investing plan accounts and paying plan distributions.
(B) All parties acknowledge that each employer has created the plan-trust and the executing parties have made this plan-trust declaration solely to meet the requirement of I.R.C. § 457(b)(6) together with I.R.C. § 457(g). The employer and the Plan Administrator each acknowledges that the plan-trust has no business or plan administration purpose other than as stated by § 36.004.
(Ord. NIRC 97-1, passed 1-15-1997)