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This entry was published on 2014-09-22
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SECTION 9-1.6
Trust for employees
Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 9, PART 1
§ 9-1.6 Trust for employees

A trust created by an employer, as part of a stock bonus, pension,
disability or death benefit or profit-sharing plan, for the exclusive
benefit of some or all of his employees, to which contributions are made
by such employer or employees, or both, for the purpose of distributing
to such employees the income or principal, or both, of the fund so held
in trust, is not invalid as violating the rule against perpetuities; but
such trust may continue for such time as may be necessary to accomplish
the purposes for which it is created.