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§ 4-604. Restrictions on federal retirement trusts

West's Annotated Code of MarylandFinancial Institutions

West's Annotated Code of Maryland
Financial Institutions
Title 4. Banking Institutions--Savings Banks
Subtitle 6. Miscellaneous Regulations (Refs & Annos)
MD Code, Financial Institutions, § 4-604
§ 4-604. Restrictions on federal retirement trusts
Currentness
Federal act defined
(a) In this section, “federal act” means:
(1) The federal Self-Employed Individuals Tax Retirement Act of 1962;1 or
(2) The federal Employee Retirement Income Security Act of 1974.2
Savings bank as trustee
(b) A savings bank may act as trustee of a plan under either federal act, as provided in this section.
Plans accepted by savings bank
(c) A savings bank may:
(1) Accept a trust under a plan that:
(i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and
(ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and
(2) Continue as trustee of a plan that is determined not to be or ceases to be a qualified plan, if, when the savings bank accepted the trust, the savings bank judged the plan to be a qualified plan.
Activities as trustee of plan
(d) A savings bank that is acting as trustee of a plan under a federal act:
(1) May integrate the trust funds with its other deposits; and
(2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.

Credits

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.
Formerly Art. 11, § 41.

Footnotes

1
Pub.L. 87-792, Oct. 10, 1962, 76 Stat. 809.
2
Pub.L. 93-406, Sept. 2, 1974, 88 Stat. 829, codified at 29 U.S.C.A. § 1001 et seq.
MD Code, Financial Institutions, § 4-604, MD FIN INST § 4-604
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document