38-900. Internal revenue code
qualification


The legislature intends that the retirement plan is a qualified pension plan under
section 401 of the internal revenue code, as amended, or successor provisions of law, and
that the trust is exempt from taxation under section 501 of the internal revenue code, as
amended. The assets of the fund are held in trust for the exclusive benefit of the
members and beneficiaries of the retirement plan. The board may adopt such additional
provisions to the retirement plan as are necessary to fulfill this intent.