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

   1. (1) The federal Self-Employed Individuals Tax Retirement Act of 1962;¹ or
   2. (2) The federal Employee Retirement Income Security Act of 1974.²
2. (b) A savings bank may act as trustee of a plan under either federal act, as provided in this section.

3. (c) A savings bank may:

   1. (1) Accept a trust under a plan that:

      1. (i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and
      2. (ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and
   2. (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.

4. (d) A savings bank that is acting as trustee of a plan under a federal act:

   1. (1) May integrate the trust funds with its other deposits; and
   2. (2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980.

Formerly Art. 11, § 41.

Pub.L. 87-792, Oct. 10, 1962, 76 Stat. 809.

Pub.L. 93-406, Sept. 2, 1974, 88 Stat. 829, codified at 29 U.S.C.A. § 1001 et seq.