§ 549.3. Distinction between plan and trust.
77 words·~1 min read·
/us/cfr/t29/s§ 549.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this part:
(a)Profit-sharing plan means any such program or arrangement as qualifies hereunder which provides for the distribution by the employer to his employees of their respective shares of profits;
(b)Profit-sharing trust means any such program or arrangement as qualifies under this part which provides for the irrevocable deposit by the employer of his employees' distributive shares of profits with a trustee for deferred distribution to such employees of their respective shares.