(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.
(c) Repealed by D.C. Law 11-110, § 3 (43 DCR 530), eff. April 18, 1996.
CREDIT(S)
(Mar. 3, 1979, D.C. Law 2-139, § 2611, as added Oct. 1, 1987, D.C. Law 7-27, § 2(g), 34 DCR 5079; Mar. 7, 1991, D.C. Law 8-220, § 3, 38 DCR 199; Apr. 18, 1996, D.C. Law 11-110, § 3, 43 DCR 530.)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 1-627.11.
Legislative History of Laws
For legislative history of D.C. Law 7-27, see Historical and Statutory Notes following § 1-621.02.
Law 8-220 was introduced in Council and assigned Bill No. 8-558, which was referred to the Committee on Government Operations. The Bill was adopted on first and second readings on December 4, 1990, and December 18, 1990, respectively. Signed by the Mayor on December 27, 1990, it was assigned Act No. 8-303 and transmitted to both Houses of Congress for its review.
Law 11-110, the “Technical Amendments Act of 1996,” was introduced in Council and assigned Bill No. 11-485, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on December 5, 1995, and January 4, 1996, respectively. Signed by the Mayor on January 26, 1996, it was assigned Act No. 11-199 and transmitted to both Houses of Congress for its review. D.C. Law 11-110 became effective on April 18, 1996.
References in Text
Section 501(a) of the Internal Revenue Code referred to in subsection (a) of this section is classified as 26 U.S.C. § 501(a).