§ 4-604

Maryland § 4-604

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 4

Text

(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.