2023 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.