Question

11. Grand vista distributing, inc., holds its pension plan assets in a trust. you have advised...

11. Grand vista distributing, inc., holds its pension plan assets in a trust. you have advised the company that the trust must satisfy several requirements to be valid. which of the following is one of those requirements?

  • A. the trust is controlled by the employer.
  • B. the trust is established with a financial institution.
  • C. the trust must have a trustee.
  • D. the trust is irrevocable.
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Answer #1

Ans. Option C is correct (the trust must have a trustee).

Reason: Trusts are managed and administered by trustees. There should always be a trustee to administer the trust. Where as other three requirements i.e., trust is controlled by the employer, trust is established with a financial institution, the trust is irrevocable are not compulsion for trust to be valid trust. However there is no valid trust without trustee. So, trust must have trustee to be a valid trust.

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