Letter 26

​​​​​​​Acceptance of Individual Retirement Accounts & Self-Employed Trusts 

(HR-10) Trusts​

This letter amends Banking Letter 26 to incorporate self-directed IRA and Keogh Plans among those which banks may offer without obtaining trust powers. It also deletes the former requirement that each bank submit a copy of its master Keogh Plan or IRA program to this office before accepting these accounts.

Wisconsin state chartered banks which do not have powers to act in fiduciary capacities may accept Individual Retirement Accounts and Self-Employed Retirement Trusts provided (1) the accounts are funded solely in savings or time deposits of the accepting bank, or (2) in any other assets at the direction of the customer provided the bank does not exercise any investment discretion or provide any investment advice with respect to the selection of account assets.

Banking Letter 26, February 14, 1975, Commissioner M​ildenberg
Created February 14, 1985; amended May 1, 1985