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4000 - Advisory Opinions


Only Those Trustees Acting on Behalf of Pension Plan with Respect to Deposit Need be Disclosed on Deposit Account Records

FDIC-91-13

March 6, 1991

Roger A. Hood, Assistant General Counsel

This is to confirm our March 4 telephone conversation wherein I advised you that, with respect to a deposit account of a pension plan, the recordkeeping requirements of 12 C.F.R. §330.4(b) would be met if the account title disclosed that it was owned by a pension or other employee benefit plan and the parties acting on behalf of the plan making the deposit were disclosed to be trustees of the plan.

You stated that a plan could have numerous trustees, and asked if it would be necessary for all of the trustees to be designated on the bank's deposit account records. My response (which I hereby confirm) was that only those trustees who are acting on behalf of the plan in connection with the deposit need be disclosed on the bank's records as trustees. It is not necessary for the deposit records to name each and every trustee of the plan.

The foregoing should not be taken to mean that the suggested format is the only method which may be used to comply with the FDIC's recordkeeping requirements for insurance purposes. I wish to emphasize that the foregoing registration would suffice, but is not the sole way that the fiduciary relationship may be disclosed.

I hope this adequately responds to your request. Please contact me if I can be of further assistance.


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