§ 2.30.130. Exclusive benefit.

All amounts of deferred compensation under the plan, all property and rights purchased with such amounts, and all income attributable to such amounts, property or rights shall be for the exclusive benefit of participants and beneficiaries:

a.

In trust, pursuant to Section 2.30.060 of the Code of the City of Wichita;

b.

In one or more custodial accounts described in Section 401(f) of the Code, pursuant to a separate written agreement between the administrator and such custodian, and/or

c.

In one or more annuity contracts described in Section 401(f) of the Code.

For purposes of the Code and the plan adopted by the employer, the person holding the assets of any such custodial account or holding any such annuity contract shall be treated as the trustee thereof.

(Ord. No. 43-665 § 27)