Section 21-A. Company pension plans; deductions from wages trust moneys; preference  


Latest version.
  • Moneys contributed from wages or salary by  an  employee  or
      former  employee  under  any  retirement  system  or  plan maintained or
      operated by  a  domestic  corporation,  association,  co-partnership  or
      joint-stock  company, together with all accumulations of interest, shall
      belong to the employee making the contributions and be deemed to be held
      in trust by the employer  for  the  benefit  of  the  employee.  In  all
      distribution  of  assets of such an employer or former employer, whether
      insolvent or otherwise, the amount so contributed,  together  with  such
      accumulations of interest, shall first be paid to the employee or former
      employee,  his  executors,  administrators or assigns, before payment of
      unsecured creditors.