(a) Establishment of trust. A trust is established as part of the deferred compensation plan for the benefit of participants in the plan.
(b) Trust fund. All of the money and property, all investments made with that money and property, and all earnings, profits, increments, and other additions, less payments previously made by the Board are the deferred compensation plan trust fund.
(c) Trust fund management and legal title. The Board is responsible for managing the trust fund according to this Article. The Board has legal title to all cash and other property of the deferred compensation plan, but may transfer some incidents of ownership to the Board’s agents as provided in this Article.
(d) Exclusive benefit. The deferred compensation plan trust fund must be held for the exclusive benefit of participants and their beneficiaries, and used only to provide benefits and defray the reasonable expenses of administering the plan. Trust fund assets must not revert to the County, unless allowed under Section 457 of the Internal Revenue Code. (1998 L.M.C., ch. 23, § 1.)
Editor’s note—See County Attorney Opinion dated explaining that temporary employees may participate in the County deferred compensation plan. See County Attorney Opinion dated discussing the parameters within which the Board of Investment Trustees may disclose certain employee data to companies providing deferred compensation plans.
Section 2 of 1998 L.M.C., ch. 23, reads as follows: "The powers and duties of the Board of Investment Trustees regarding the Deferred Compensation Plan of Montgomery County trust take effect when all trustees accept the trust agreement in writing."
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