Cal. Code Regs. Tit. 2, § 599.102 - Exclusive Benefit Requirement
Pursuant to Internal Revenue Code Section 401(a)(2), the corpus or income of the plan's trust may not be diverted to or used for purposes other than the exclusive benefit of the members or their beneficiaries, nor shall there be a reversion of trust funds except as permitted by IRS Revenue Ruling 91-4, 1991-1 C.B. 57.
Notes
Note: Authority cited: Sections 20121, 22970.30 and 22970.31, Government Code. Reference: California Constitution, Article XVI, Section 17; Sections 22970, 22970.2 and 22970.61, Government Code; and Section 401(a)(1)-(2), Title 26, United States Code.
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