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Can you summarize NERS 8-1,131?
BANKS AND BANKING > Retirement plan, medical savings account, or health savings account, investments; bank as trustee or custodian; powers and duties; account, how treated.
Short Summary
This legal document, governed by the Nebraska Revised Statutes under the section ‘BANKS AND BANKING’, pertains to banks acting as trustees or custodians for retirement plans, medical savings accounts, and health savings accounts. Banks are qualified to act as trustees or custodians under the federal Self-Employed Individuals Tax Retirement Act of 1962 or section 408(a) of the Internal Revenue Code, provided that the funds are invested exclusively in shares or accounts in the bank or other banks. The document also states that banks can continue to act as trustees even if a retirement plan or account ceases to be qualified. Additionally, banks are qualified to act as trustees or custodians for medical savings accounts and health savings accounts created under the provisions of the Internal Revenue Code. The document specifies that funds below twenty-five thousand dollars in these accounts are not susceptible to certain legal actions and are not considered assets for bankruptcy purposes. The banks are required to keep appropriate records of all transactions related to these accounts.
Whom does it apply to?
Banks
What does it govern?
Retirement plan, medical savings account, or health savings account, investments; bank as trustee or custodian; powers and duties; account, how treated
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska