840 CMR 3.00: INTERNAL REVENUE CODE COMPLIANCE PROVISIONS

3.02: Internal Revenue Code Section 401(a)(1), (2)

Effective as of September 1, 1974, the assets of any retirement system subject to Chapter 32 are held in trust and may not be used for or diverted to any purpose other than for the exclusive benefit of the members and their beneficiaries and for paying the retirement system's reasonable administrative expenses.

Return to PERAC Home Page | Regulations