                                 CODE OF VIRGINIA

INDIVIDUAL RETIREMENT ACCOUNTS AND RETIREMENT OR PENSION PLANS (§ 6.2-1363)

A. A credit union may act as trustee or custodian of (i) individual retirement
accounts established with the credit union for the benefit of its members under
the federal Employee Retirement Income Security Act of 1974 (P.L. 93-406, 88
Stat. 829) (ERISA), as amended from time to time; (ii) pension funds of
self-employed individuals or of a company or organization sponsoring the credit
union; or (iii) other similar retirement or pension plans.

B. Contributions to and earnings on an account described in clause (i) of
subsection A may be accepted and retained in accordance with ERISA but shall be
invested in shares of the credit union. If the credit union bylaws so provide
such accounts may be established for the benefit of members in the names of
other trustees or custodians who are qualified to serve as such under the laws
of this Commonwealth and ERISA.

HISTORY: 1976, c. 205, § 6.1-207.1; 1990, c. 373, § 6.1-225.46; 2010, c. 794.