Section 171:82 - Credit Union Employees Retirement Association; eligibility(a) For the purposes of this section and sections 83 and 84, the following terms shall, unless the context clearly requires otherwise, have the following meanings: "Association", the Credit Union Employees Retirement Association formed pursuant to this section.
"Credit union" or "credit unions", any or all of:
(i) a bank or credit union chartered by the commonwealth; (ii) such bank or credit union that has converted to a federal charter; (iii) a bank or credit union chartered by the federal government, by a state of the United States other than the commonwealth or by the District of Columbia; (iv) the Cooperative Credit Union Association, Inc. and its successors; (v) the Massachusetts Credit Union Share Insurance Corporation; (vi) other banking or credit union institutions as may from time to time be provided for in the by-laws of the association; and (vii) the respective employees of each of the organizations listed in this definition. "Customer", any person or business who has established a contractual relationship for banking business purposes with any credit union located in the commonwealth that is a member of the association.
"Directors of a credit union", the governing body of each member organization of the association.
(b)(1) Credit unions may form the Credit Union Employees Retirement Association to provide retirement or deferred compensation benefit services through plans that are qualified under section 401, section 408 or section 457 of the federal Internal Revenue Code to employees of credit unions that are established under state law and are members of the association and to their customers. Any credit union shall be eligible for membership in the association; provided, however, that a bank that was eligible to be a member of the association before January 1, 2004, shall not be eligible to become a member of the Cooperative Banks Employees Retirement Association or the Savings Banks Employees Retirement Association unless and until the Cooperative Banks Employees Retirement Association or the Savings Banks Employees Retirement Association permits a member to transfer from any or all of the qualified plans provided by said association, assets and liabilities, attributed to the member's employees, to 1 or more qualified plans not provided by said association.(2) Eligible employees may contribute a portion of their compensation and a credit union may contribute to the extent determined by its governing body; provided, however, that all such contributions shall not exceed the limits of said section 401, said section 408 or said section 457 of the federal Internal Revenue Code, as applicable.(3) The funds contributed by participating credit unions and their employees shall be held or used by the trustees of the association for the provision of retirement and deferred compensation benefits, including pre-retirement, post-retirement cost-of-living adjustment, death and disability benefits incident thereto, in all cases subject to the limits of said section 401, said section 408 or said section 457 of the federal Internal Revenue Code, as applicable. Expenses necessary for the administration of the association shall be paid by participating members as provided in the by-laws of the association. The association shall annually provide to each member a report of assets and liabilities attributable to its participants in any or all qualified plans adopted by a member.(4) A credit union providing retirement benefits to its employees through a plan offered by a provider of plans other than the association shall file with the commissioner such reports as the commissioner may from time-to-time require; provided, however, that such a plan shall be a qualified plan under said section 401, said section 408 or said section 457 of the federal Internal Revenue Code.Mass. Gen. Laws ch. 171, § 82
Amended by Acts 2020, c. 338,§ 74, eff. 4/12/2021.Amended by Acts 2002, c. 340, § 5, eff. 1/1/2004.