457(b) and a Rabbi Trust

[Guest JPotosky]

A small non-profit wants to establish a non-governmental 457(b) top hat plan for a key executive. They would like to include a rabbi trust. My understanding is that the trustee of a Rabbi Trust has to be a corporate entity and not an individual. Most of the entities which would provide the trustee services are cost prohbitive, especially for an employer of this size. Other than going without the Rabbi Trust, are there any vendors out there who will provide a simple corporate trustee service for a 457(b) that isn't going to charge a huge sum?

[Locust]

Why can't an individual be a trustee? Is it a restriction of the nonprofit organization's governing document, state law, tax law? I'd never heard of that.