Establishment of trust.

San José Municipal Code § 3.50.025

in effect

3.50.025 - Establishment of trust. A. There is hereby established the City of San José PTC Deferred Compensation Plan Trust. B. Notwithstanding any contrary provision of the Plan, in accordance with Section 457(g) of the Internal Revenue Code, all amounts of compensation deferred pursuant 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 for the exclusive benefit of participants and beneficiaries under the Plan. C. The trustee shall ensure that all investments, amounts, property and rights held under the trust are held for the exclusive benefit of participants and their beneficiaries. D. All amounts of compensation deferred under the Plan shall be transferred to the trust within a period that is not longer than is reasonable for the proper administration of the accounts of participants and beneficiaries. E. Prior to the satisfaction of all liabilities with respect to Plan participants and their beneficiaries, no part of the assets or income of the trust 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. 25707, 26541, 30536.)

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_CH3.50PTPL_3.50.025ESTRFetched: 11/1/2026