Trustee or custodian

(1) A credit union may act as trustee or custodian of: (a) Individual retirement accounts authorized by federal or state law; (b) Pension funds of self-employed individuals or of a company or organization sponsoring the credit union; or (c) Other similar retirement or pension plans, with authorization from the commissioner. (2) A credit union may act as trustee under pension and profit-sharing plans with authorization from the commissioner.