(a) There shall be established an irrevocable trust called the Section 401(a) Trust, that shall be managed so as to be exempt from income tax under § 501(a) of the Internal Revenue Code. The funds contributed by the District under the defined contribution plan of § 1-626.05(3) shall be placed in the Section 401(a) Trust. The assets of the Section 401(a) Trust shall be administered by the Mayor.
(b) The cost of any contract for provisions of services as may be part of the defined contribution plan under § 1-626.05(3) shall be paid solely from the assets of the Section 401(a) Trust or from a fund or funds established to administer the defined contribution plan.
1981 Ed., § 1-627.11.
Financial institutions, deposits and investments, “district funds” defined, see § 47-351.01.
References in Text
Section 501(a) of the Internal Revenue Code referred to in subsection (a) of this section is codified as 26 U.S.C. § 501(a).