8701 - Existing trusts may continue for term necessary to accomplish purpose.
CHAPTER 87 EMPLOYEE BENEFITS Sec. 8701. Existing trusts may continue for term necessary to accomplish purpose. 8702. Combining trusts. 8703. Transfer of assets to corporate trustee; investments; common trust funds. 8704. Payments upon employee's death; third party claims. Enactment. Chapter 87 was added June 30, 1972, P.L.508, No.164, effective July 1, 1972. § 8701. Existing trusts may continue for term necessary to accomplish purpose. Any trust created prior to January 1, 1948, primarily for the benefit of employees, their families or appointees, under any stock, bonus, pension, disability, death benefit, profit sharing or other employee-benefit plan, to which contributions are made by the employer or employees or both for the purpose of distributing to or for the benefit of the employees, their families, or appointees, 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 was created, and shall not be invalid as violating any statute or rule of law against perpetuities, or against accumulations or concerning the suspension of the power of alienation of the title to property.