N.M. Admin. Code § 12.16.36.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 12.16.36.8 - INDIVIDUAL RETIREMENT ACCOUNTS AND SELF-EMPLOYED RETIREMENT TRUSTS

A. Any state bank, which does not have a permit from the director to act as a fiduciary, but satisfies the requirements of Subsections A and B of Section 58-1-17 NMSA 1978 may accept individual retirement accounts and self-employed retirement trusts established under the Employee Retirement Income Security Act of 1974, Public Law 93-406, if, pursuant to the terms, the accounts may be funded only in savings accounts or time deposits at the bank. State banks not approved by the director to act as fiduciaries may not establish and operate collective investment funds for these accounts.

B. State banks having permits from this office to act as fiduciaries may administer individual retirement accounts and self-employed retirement trusts established in a department of the bank other than its trust department, if the governing instrument of such account or trust directs all contributions to be invested in savings accounts or time deposits of the bank.

7/10/75; Recompiled 10/15/01