6.2-1363 - (Effective October 1, 2010) Individual retirement accounts and retirement or pension plans.
§ 6.2-1363. (Effective October 1, 2010) Individual retirement accounts andretirement or pension plans.
A. A credit union may act as trustee or custodian of (i) individualretirement accounts established with the credit union for the benefit of itsmembers under the federal Employee Retirement Income Security Act of 1974(P.L. 93-406, 88 Stat. 829) (ERISA), as amended from time to time; (ii)pension funds of self-employed individuals or of a company or organizationsponsoring the credit union; or (iii) other similar retirement or pensionplans.
B. Contributions to and earnings on an account described in clause (i) ofsubsection A may be accepted and retained in accordance with ERISA but shallbe invested in shares of the credit union. If the credit union bylaws soprovide such accounts may be established for the benefit of members in thenames of other trustees or custodians who are qualified to serve as suchunder the laws of this Commonwealth and ERISA.
(1976, c. 205, § 6.1-207.1; 1990, c. 373, § 6.1-225.46; 2010, c. 794.)