{"data":{"id":"us-md/md.-code-financial-institutions-4-604","jurisdiction":"us-md","citation":"Md. Code, Financial Institutions § 4–604","heading":"","body":"(a) In this section, “federal act” means:\n(1) The federal Self-Employed Individuals Tax Retirement Act of 1962; or\n(2) The federal Employee Retirement Income Security Act of 1974.\n(b) A savings bank may act as trustee of a plan under either federal act, as provided in this section.\n(c) A savings bank may:\n(1) Accept a trust under a plan that:\n(i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and\n(ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and\n(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.\n(d) A savings bank that is acting as trustee of a plan under a federal act:\n(1) May integrate the trust funds with its other deposits; and\n(2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.","path":["Article - Financial Institutions"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi\u0026section=4-604","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:58:27Z","sha256":"b9e7d26d258f439e808cf2daace679ffd5d2e71582bc1336d4739831684e836d","source_id":"us-md","stale":false,"prev":"us-md/md.-code-financial-institutions-4-603","next":"us-md/md.-code-financial-institutions-4-701"},"notice":"GroundRules: Original legal text. Not legal advice."}