(A) For any period before August 20, 1996, and to the extent that § 30.021 is legally ineffective for any period on or after August 20, 1996 and before January 1, 1999, consistent with I.R.C. § 457(b)(6) prior to amendment by Pub. Law No. 104-188, all amounts of deferred compensation, all property and rights purchased with such amounts, including, but not limited to, any investment or insurance contracts held by the employer under the plan, and any and all rights under such contracts, and all income attributable to such amounts, property or rights shall remain until paid to the participant or beneficiary according to the plan solely the amounts, property and rights of the employer, without being restricted to the payment of deferred compensation, and shall remain subject to the claims of the employer’s general creditors.
(B) To the extent that amounts, property and rights are the amounts, property and rights of the employer under subsection (A) above, consistent with I.R.C. § 457(b)(6), each participant or beneficiary has no vested or secured or preferred position with respect to any amounts, property or rights held as deferred compensation, and has no claim against the employer other than as an unsecured general creditor.
(Ord. NIRC 97-1, passed 1-15-1997)