Maryland Code, Financial Institutions § 4-604

Current as of January 01, 2025 | Updated by Findlaw Staff

(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

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

(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.

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.

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Cite this article: FindLaw.com - Maryland Code, Financial Institutions § 4-604 - last updated January 01, 2025 | https://codes.findlaw.com/md/financial-institutions/md-code-fin-inst-sect-4-604/

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