SECTION .0900 ‑ PENSION PLANS

 

04 NCAC 06C .0901          CREDIT UNION AS CUSTODIAN

A credit union is authorized to act as custodian, and may receive reasonable compensation for so acting, under any written trust instrument or custodial agreement created or organized in the United States and forming part of a pension plan which qualifies or qualified for specific tax treatment under Section 401(d) or 408 of the Internal Revenue Code, for its members or groups or organizations of its members, provided the funds of such plans are invested solely in share accounts of the Credit Union.  All funds held in a custodial capacity must be maintained in accordance with applicable laws and rules and regulations as may be promulgated by the Secretary of Labor, the Secretary of the Treasury, or any other authority exercising jurisdiction over such custodial accounts.  The Credit Union shall maintain individual records for each participant which show in detail all transactions relating to the funds of each participant or beneficiary.

 

History Note:        Authority G.S. 54‑109.12; 54‑109.21(21);

Eff. February 1, 1976;

Readopted Eff. April 4, 1978.