The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:
40.80
(2) (g) Serve as trustee of any deferred compensation plan established under this section, hold the assets and income of the plan in trust for the exclusive benefit of the employees who participate in the plan and their beneficiaries, and maintain the plan as an eligible deferred compensation plan, as defined in
26 USC 457 (b), and as a governmental plan for eligible employers, as defined in
26 USC 457 (e) (1) (A).