Bank as trustee or custodian for retirement benefit plans

Pursuant to rules of the commission and the terms of Public Law 93-406, the Employees Retirement Income Security Act of 1974 and the Self - employed Individuals Tax Retirement Act of 1962, a bank may act as trustee or custodian for individual retirement accounts, HR 10 Keogh accounts or both such accounts, or any other pension, profit - sharing, money purchase, or other retirement benefit plan. Source: SDCL, § 51-19-1 as added by SL 1975, ch 291 ; SL 1981, ch 346 , § 40; SL 1988, ch 377 , § 110; SDCL, § 51-19-1.1.