N.Y. Estates, Powers & Trusts Law § 9-1.7: Trust for self-employed individuals and others

§ 9-1.7 Trust for self-employed individuals and others

No trust created under a retirement plan, which is exempt from federal

income taxation under the laws of the United States, is invalid as

violating the rule against perpetuities or the rules governing the

accumulation of income. Such a trust may continue for such time as may

be necessary to accomplish the purposes for which it is created; may

permit the accumulation of income until such time as the income is

distributed to the beneficiaries under the terms of the trust; and may,

according to its terms, be made irrevocable and the interest of its

beneficiaries nontransferable by assignment or otherwise. A trust so

made irrevocable is not subject to revocation upon the written consent

of its beneficiaries as provided in 7-1.9.