Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 29 - Labor |
Subtitle B - Regulations Relating to Labor |
Chapter V - Wage and Hour Division, Department of Labor |
SubChapter A - Regulations |
Part 549 - Requirements of a “Bona Fide Profit-Sharing Plan or Trust” |
§ 549.3 - Distinction between plan and trust.
Latest version.
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§ 549.3 Distinction between plan and trust.
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.