456.011. Trusts for benefit of employees or self-employed persons--perpetuities--suspension of alienation.
Trusts for benefit of employees or self-employedpersons--perpetuities--suspension of alienation.
456.011. A trust of real or personal property, or both, created aspart of a stock bonus plan, pension plan, disability or death benefit plan,medical benefit plan, profit-sharing plan or retirement plan, for theexclusive benefit of employees or self-employed persons, to whichcontributions are made by an employer, or employees, or both, or byself-employed persons, for the purpose of distributing to such employees orself-employed persons the earnings or the principal, or both earnings andprincipal of the fund so held in trust, shall not be deemed to be invalidas violating any existing laws against perpetuities or suspension of thepower of alienation of title to property; but such a trust may continue forsuch time as may be necessary to accomplish the purposes for which it maybe created.
(L. 1941 p. 716 § 3541-A, A.L. 1957 p. 868, A.L. 1959 S.B. 270, A.L. 1983 H.B. 117, A.L. 2004 H.B. 1511)*Transferred 2004; formerly 456.060