Trustee under federal retirement acts

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    (a)    In this section, “federal act” means:

        (1)    The federal Self-Employed Individuals Tax Retirement Act of 1962; or

        (2)    The federal Employee Retirement Income Security Act of 1974.

    (b)    A savings bank may act as trustee of a plan under either federal act, as provided in this section.

    (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.

    (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.


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