(a) As used in this part, “private pension and retirement plan” means any plan not covered by the federal employee retirement income security program, the Tennessee consolidated retirement system, or any other governmentally regulated pension and retirement fund.
(b)(1) Any person maintaining a private pension and retirement plan that receives its funding either partially or totally from the employees' pay shall deposit all money received for the plan in a separate trust account.
(2) The funds in this separate account can only be used for the costs of administering the plan and for providing the benefits that accrue to the members of the plan.
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