NY Banking L § 382-A (2021)
2021 New York Laws BNK - Banking Article 10 - Savings and Loan Associations 382-A - Power to Act as Trustee Under Self-Employed Retirement Trust and of Individual Retirement Account; Investment in Savings Account.

§ 382-a.  Power to act as trustee under self-employed retirement trust   and of individual retirement account; investment in savings account.  1.   Subject   to   any   regulations  and  restrictions  prescribed  by  the   superintendent of financial services, a  savings  and  loan  association   shall  have  power to act as trustee under a retirement plan established   pursuant  to  the  provisions  of   the   act   of   congress   entitled   "Self-employed  Individuals  Tax Retirement Act of 1962", and provisions   of law contained therein as amended, provided  that  the  provisions  of   such  retirement  plan  require  the  funds of such trust to be invested   exclusively in deposits in savings and  loan  associations  and  federal   savings  and  loan  associations  whose principal offices are located in   this state. In the event that any such retirement  plan,  which  in  the   judgment  of  the  association,  constituted  a qualified plan under the   provisions of said Self-employed Individuals Tax Retirement Act of 1962,   and provisions of law contained therein as amended, and the  regulations   promulgated  thereunder  at  the  time  the  trust  was  established and   accepted by the association is subsequently determined not to be such  a   qualified  plan  or  subsequently ceases to be such a qualified plan, in   whole or in part, the association may, nevertheless, continue to act  as   trustee  of any deposits theretofore made under such plan and to dispose   of the same in accordance with the directions of the depositor  and  the   beneficiaries thereof. No association, in respect to deposits made under   this  subdivision,  shall  be  required  to segregate such deposits from   other  deposits  of  such  association,  provided,  however,  that   the   association  shall keep appropriate records showing in proper detail all   transactions engaged in under the authority of this subdivision. As used   in this subdivision, the term "deposits" shall include shares issued  by   the association and time deposits held pursuant to section three hundred   seventy-eight-a of this chapter.2.  Subject  to  any  regulations  and  restrictions prescribed by the   superintendent of financial services, a  savings  and  loan  association   shall  have  power to act as trustee of an individual retirement account   established pursuant to the provisions of the act of  congress  entitled   "Employee  Retirement  Income  Security  Act  of 1974" provided that the   provisions of  the  written  governing  instrument  creating  the  trust   require  the  funds of such trust to be invested exclusively in deposits   in  savings  and  loan  associations  and  federal  savings   and   loan   associations  whose  principal offices are located in this state. In the   event that any such individual retirement account, which in the judgment   of  the  association,  constituted  a  qualified  individual  retirement   account under the provisions of said Employee Retirement Income Security   Act  of  1974 and the regulations promulgated thereunder at the time the   trust was established and accepted by the  association  is  subsequently   determined  not  to be such a qualified individual retirement account or   subsequently  ceases  to  be  such  a  qualified  individual  retirement   account,  in  whole  or  in  part,  the  association  may, nevertheless,   continue to act as trustee of any deposits theretofore made  under  such   individual  retirement  account and to dispose of the same in accordance   with the directions of the depositor and the beneficiaries  thereof.  No   association,  in  respect to deposits made under this subdivision, shall   be required to segregate such  deposits  from  other  deposits  of  such   association,   provided,   however,  that  the  association  shall  keep   appropriate records showing in proper detail all transactions engaged in   under the authority of this subdivision. As used  in  this  subdivision,   the  term  "deposits" shall include shares issued by the association and   time deposits held pursuant to section three hundred seventy-eight-a  of   this chapter.