Payment of Wages

Section 275:48-a

    275:48-a Rule Against Perpetuities. – A trust created by an employer as part of a stock bonus, pension, disability, death benefit or profit-sharing plan for the exclusive benefit of some or all of his employees, to which contributions are made by the employer or employees, or both, for the purpose of distributing to the employees the earnings or the principal, or both earnings and principal, of the fund held in trust, may continue in perpetuity or for such time as may be necessary to accomplish the purpose for which it is created, and shall not be invalid as violating any rule of law against perpetuities or suspension of the power of alienation of the title to the property. This section shall apply to all such trusts whether in existence on July 1, 1967 or established after said date.

Source. 1967, 195:1, eff. July 1, 1967.