6.2-1171 - (Effective October 1, 2010) Accounts under federal Self-Employed Individuals Tax Retirement Act and federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88 Stat. 829). - Virginia Statutes

§ 6.2-1171. (Effective October 1, 2010) Accounts under federal Self-EmployedIndividuals Tax Retirement Act and federal Employee Retirement IncomeSecurity Act of 1974 (P.L. 93-406, 88 Stat. 829).

A. To the extent allowed by federal law, an insured savings institution mayact as trustee or custodian under the federal Self-Employed Individuals TaxRetirement Act of 1962, as amended. Funds held as such trustee or custodianmay be invested in accounts of the association to the extent that the trust,custodial or other plan does not prohibit such investment.

B. To the extent allowed by federal law, an insured savings institution mayact as trustee or custodian of individual retirement accounts under thefederal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88Stat. 829), as amended. Contributions may be accepted and interest thereonretained by such institution pursuant to forms provided by it and may beinvested in accounts of the institution in accordance with the terms uponwhich such contributions were accepted.

(1972, c. 796, §§ 6.1-195.49, 6.1-195.49:1; 1972, c. 796; 1975, c. 79; 1985,c. 425, § 6.1-194.54; 1986, c. 509; 2010, c. 794.)