A participant does not have actual ownership of deferrals and investments but has a contractual right to receive benefits under the plan. In accordance with § 457(g) of the Internal Revenue Code, all amounts of compensation deferred under the plan, all property and rights purchased with the amounts, and all income attributable to the amounts must be held in trust for the exclusive benefit of the participant until paid or made available to the participant or the participant's beneficiary pursuant to the plan. Any trust under the plan must be established pursuant to a written agreement that constitutes a valid trust under the law of this state. All amounts of compensation deferred under the plan must be transferred to a trust established under the plan not later than fifteen business days after the end of the month in which the compensation would otherwise have been paid to the employee.

Source: SL 2025, ch 27 , § 95.