Establishment of trust.
San José Municipal Code § 3.49.025
in effect3.49.025 - Establishment of trust.
A. There is hereby established the City of San José defined contribution plan for Unit 99 employees and elected officials trust. The plan and trust shall consist of this Chapter and any plan document adopted by the City to supplement this Chapter.
B. Notwithstanding any contrary provision of the plan, in accordance with Section 401(a) of the Internal Revenue Code, all assets held in connection with the plan, including all contributions to the plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property, or rights shall be held by the City in trust (or appropriate investment products) for the exclusive benefit of participants and beneficiaries under the plan.
C. All contributions to the plan shall be transferred to the trust or investment product within a period that is not longer than is reasonable for the proper administration of the accounts of participants and beneficiaries.
D. Prior to the satisfaction of all liabilities with respect to plan participants and their beneficiaries, no part of the assets or income of the plan shall be used for, or diverted to, purposes other than for the exclusive benefits of the plan participants and their beneficiaries and defraying reasonable expenses of the administration of the plan.
(Ords. 29184, 30625.)
Source: City of San José, Municipal Code (Municode Library, library.municode.com)URL: https://library.municode.com/ca/san_jose/codes/code_of_ordinances?nodeId=TIT3PE_IIREPL_CH3.49UNMADECO401PL_3.49.025ESTRFetched: 11/1/2026