Session Laws

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

Section 31 of chapter 171 of the General Laws, as appearing in the 1988 Official Edition, is hereby amended by inserting after the sixth paragraph the following paragraph:-

Nothing in this section shall prohibit a credit union, with the approval of the commissioner, from contracting with any other provider of retirement plans which are qualified plans under 26 USC 401 for the purpose of providing retirement benefits for eligible employees as provided for by the by-laws of such credit union; provided, however, that such credit union shall file with the commissioner a copy of any such plan, any amendments or revisions thereto and a copy of the annual statement of the provider relative to any such plan.