22-6-1 - Retirement trusts exempted from rules against perpetuities, accumulations or suspension of power of alienation.
22-6-1. Retirement trusts exempted from rules against perpetuities, accumulationsor suspension of power of alienation.
No trust heretofore or hereafter created by an employer as part of a pension, stock bonus,disability, death benefit, profit sharing, retirement or similar plan, primarily for the benefit ofsome or all of such employers' employees, their families, appointees or beneficiaries, to whichcontributions are made by such employer or employees, or by both employer and employees,which trust is for the purpose of distributing to such employees or their families, beneficiaries, orappointees, the earnings or principal, or both, shall be deemed to be invalid by reason of any ruleagainst perpetuities, or against accumulations, or concerning the suspension of the power ofalienation of title to property, or any other law restricting or limiting the duration of trusts; andsuch a trust may continue in perpetuity or for such time as may be necessary to accomplish thepurposes for which it was created.
Enacted by Chapter 174, 1961 General Session