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§ 4-604. Trustee under federal retirement acts

MD Fin Inst Code § 4-604 (2019) (N/A)
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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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