§ 28-17-1 - Definitions.
SECTION 28-17-1
§ 28-17-1 Definitions. – (a) "Employees' trust" as used in this chapter means any trust created by anemployer for the maintenance and regulation of an apprentice training program,and any trust created as part of a stock bonus plan, pension plan, disabilityor death benefit plan, or profit sharing plan for the exclusive benefit of someor all of his or her employees or their beneficiaries, to which contributionsare made by the employer or employees or both, for the purpose of distributingin accordance with the plan to those employees or their beneficiaries theearnings or the principal, or both earnings and principal, of the trust fund,provided that it is impossible under the trust instrument at any time prior tothe satisfaction of all liabilities with respect to employees and theirbeneficiaries under the trust for any part of the corpus or income to be at anytime used for or diverted to purposes other than for the exclusive benefit ofthose employees or their beneficiaries.
(b) "Employer" as used in this chapter includes a group ofemployers or any combination of employers and a labor union creating a combinedplan or trust for the benefit of their apprentices, employees, or thebeneficiaries of employees.