§ 18-442. Special accounts.

Latest version.

Custodial accounts or group annuity contracts that are used in place of a trust must meet the requirements of section 401(f) of the Internal Revenue Code of 1986, as amended, must contain a specific provision that the instrument is written for the exclusive benefit of participants in a section 457 deferred compensation plan, and must state that the person holding the assets of such a contract or account shall be treated as the trustee thereof.

(Ord. No. 908-97, § 1, 12-15-97)

                    
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