N.Y. Estates, Powers & Trusts Law § 9-1.6: Trust for employees

§ 9-1.6 Trust for employees

A trust created by an employer, as part of a stock bonus, pension,

disability or death benefit or profit-sharing plan, for the exclusive

benefit of some or all of his employees, to which contributions are made

by such employer or employees, or both, for the purpose of distributing

to such employees the income or principal, or both, of the fund so held

in trust, is not invalid as violating the rule against perpetuities; but

such trust may continue for such time as may be necessary to accomplish

the purposes for which it is created.