Keogh and IRA

Accounts PURPOSE: An association may act as trustee of a trust under a plan which qualifies for specific tax treatment under sections 401(d) or 408(a) of the Internal Revenue Code or as trustee of a passive trust. (1) An association may act as trustee of any trust created or organized in the United States and forming part of a stock bonus, pension or profit-sharing plan qualifying for specific tax treatment under section 401(d) of the Internal Revenue Code of 1954; as trustee or custodian of an Individual Retirement Account within the meaning of section 408(a) of the Internal Revenue Code; or as trustee with no active fiduciary duties; provided, that the association shall invest the funds of the trust or account only in the association’s own accounts, deposits, obligations or securities or, upon the condition that the association does not exercise any investment discretion or directly or indirectly provide any investment advice with respect to the trust or account assets, in such other assets as the customer may direct. The association shall observe principles of sound trust administration, including those relating to recordkeeping and segregation of assets and may receive reasonable compensation for acting in any trust capacity authorized by this section. (2) An association acting as trustee or custodian pursuant to section (1) shall include in bold type on the first page of any contract documents the following language: “Funds invested pursuant to this agreement are not insured by the Federal Deposit Insurance Corporation (“FDIC”) merely because the trustee or custodian is an institution the accounts of which are covered by such insurance. Only investments in the accounts of such an institution are insured by the FDIC, subject to its rules and regulations.” AUTHORITY: sections 369.144 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-10.070. This rule previously filed as 4 CSR 140-22.070. Original rule filed March 24, 1975, effective April 2, 1975. Rescinded and readopted: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 14022.070, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140-22.070, effective Aug. 28, 2006. *Original authority: 369.144, RSMo 1971, amended 1982, 1983, 1984, 1989, 1994 and 369.299, RSMo 1971, amended 1994.