1. The governing body of a political subdivision may create an appropriate fund for administration of money and other assets resulting from compensation deferred under the program.
2. All amounts of compensation deferred pursuant to the program, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights must, in accordance with 26 U.S.C. § 401(a) or 457(g), as applicable, be held in trust for the exclusive benefit of the participants in the program and their beneficiaries.