# Financial Institutions (GFI)

## Title 4. Banking Institutions -- Savings Banks

### Subtitle 6. Miscellaneous Regulations

#### Section 4-604

(a) In this section, "federal act" means:

  (1) The federal Self-Employed Individuals Tax Retirement Act of 1962; or

  (2) The federal Employee Retirement Income Security Act of 1974.

(b) A savings bank may act as trustee of a plan under either federal act, as provided in this section.

(c) A savings bank may:

  (1) Accept a trust under a plan that:

    (i) Constitutes a qualified plan under a federal act and the rules and regulations adopted under it; and

    (ii) Requires the exclusive investment of trust funds in deposits of a mutual savings institution; and

  (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.

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

  (1) May integrate the trust funds with its other deposits; and

  (2) Shall keep appropriate, detailed records of all transactions in which it engages as trustee.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)