The city acknowledges that all assets held in connection with the plan, including
all contributions to the plan, all property and rights acquired or purchased by such
amounts and all income attributable to such amounts, property or rights shall be held
in trust for the exclusive benefit of participants and their beneficiaries under the
plan. No part of the assets and income of the plan shall be used for, or diverted
to, purposes other than for the exclusive benefit of participants and their beneficiaries
and for defraying, reasonable expenses of the plan. All amounts of compensation deferred
pursuant to the plan, all property and rights acquired or purchased with such amounts
and all income attributable to such amounts, are held as part of the plan. All contributions
to the plan shall be transferred to the trustees to be held, managed, invested and
distributed as part of the trust fund in accordance with the provisions of the plan.
All contributions to the plan must be transferred by the participating employer to
the trust fund. All benefits under the plan shall be distributed solely from the trust
fund pursuant to the plan.
(
Ord. No. 2001-11, § 6
)
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