§ 1-626.11Title 1

Establishment and administration of Section 401(a) Trust.

There shall be established an irrevocable trust called the Section 401(a) Trust, that shall be managed so as to be exempt from income tax under § 501(a) of the Internal Revenue Code. The funds contributed by the District under the defined contribution plan of § 1-626.05(3) shall be placed in the Section 401(a) Trust. The assets of the Section 401(a) Trust shall be administered by the Mayor. The cost of any contract for provisions of services as may be part of the defined contribution plan under § 1-626.05(3) shall be paid solely from the assets of the Section 401(a) Trust or from a fund or funds established to administer the defined contribution plan. Repealed.

Annotations

Mar. 3, 1979, D.C. Law 2-139, § 2611
as added Oct. 1, 1987, D.C. Law 7-27, § 2(g), 34 DCR 5079
Mar. 7, 1991, D.C. Law 8-220, § 3, 38 DCR 199
Apr. 18, 1996, D.C. Law 11-110, § 3, 43 DCR 530
Section 501(a) of the Internal Revenue Code referred to in subsection (a) of this section is codified as 26 U.S.C. § 501(a).
1981 Ed., § 1-627.11.
This section is referenced in § 1-626.04, § 1-626.09, and § 47-351.01.
Financial institutions, deposits and investments, “district funds” defined, see § 47-351.01.

Source XML

Sourced from the DC Council Open Law Library (public domain).

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