Massachusetts Expands Employee Benefits Alternatives for Bank Employees, Customers and Others
Massachusetts has enacted legislation that amends statutory provisions relating to the Savings Banks Employees Retirement Association, the Cooperative Banks Employees Retirement Association and the Credit Union Employees Retirement Association (the "Associations") to expand the authority of these Associations to provide retirement benefits to employees of any bank or credit union with a branch in Massachusetts and to employees of customers of Association members. The statute also authorizes any bank to provide qualified retirement plans for its employees independent of the Associations. Certain provisions of the statute relating to the Cooperative Banks Employees Retirement Association are effective immediately; most of the legislative provisions become effective January 1, 2004, provided that the Associations have provided a satisfactory plan of operation, at least six months prior to that
