United States — Maine Act or statute

United States — Maine legislation

Maine Revised Statutes, Title 5, § 888: Application, 1973

Deferred compensation amounts and related earnings must be held in trust for the participant and beneficiary; certain Section 457(g) accounts and contracts are treated as trusts.

deferred compensationtaxationwithholding

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01

Purpose and legislative effect

“Deferred compensation amounts and related earnings must be held in trust for the participant and beneficiary; certain Section 457(g) accounts and contracts are treated as trusts.”

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    Enacted 1973 · Source version 1 Oct 2025. The date shown identifies this source expression and should not be treated as proof that no later change exists.

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Application

Deferred compensation amounts and related earnings must be held in trust for the participant and beneficiary; certain Section 457(g) accounts and contracts are treated as trusts.

Section 888

04

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Source record from legislature.maine.gov · Enacted 1973 · Source version 1 Oct 2025

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Provision
§ 888ApplicationProvision

Deferred compensation amounts and related earnings must be held in trust for the participant and beneficiary; certain Section 457(g) accounts and contracts are treated as trusts.

Any compensation or portion of compensation reduced by an employee in conjunction with a deferred compensation program and any earnings or income thereon must be held in trust for the exclusive benefit of that participant and that participant's beneficiary as provided in the United States Internal Revenue Code, Section 457. For purposes of this section, custodial accounts, annuity contracts and other contracts described in the United States Internal Revenue Code, Section 457(g) must be treated as trusts. Any compensation or portion of compensation reduced must be considered in calculating any employee benefits and is subject to any withholding imposed on the employee. Any compensation or portion of compensation reduced is not subject to any income taxation until distribution is actually made to the employee. [PL 1997, c. 192, §1 (AMD).]
Section 888Verify source

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  • 1 Oct 2025 · currentEnglish

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