Texas Register, Volume 29, Number 30, Pages 7013-7230, July 23, 2004 Page: 7,066
7013-7230 p. ; 28 cm.View a full description of this periodical.
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(2) In this subsection, the term "deferred compensation in-
formation" means the cumulative total of all deferrals on deposit with
the prior plan [qualified] vendor as of the end of the previous month.
(3) At the plan administrator's discretion, the plan admin-
istrator may require a prior plan [qualified] vendor to report deferred
compensation information and additional information to the data col-
lection center no later than 1:00 p.m., central time, on a call-in day that
the plan administrator considers necessary to evaluate the collateraliza-
tion requirement under this subsection.
(4) Once each quarter, a prior plan [qualified] vendor shall
furnish to the plan administrator the following information certified by
its chief financial officer:
(A) its current capital category as defined in the Prompt
Corrective Action regulations, 12 Code of Federal Regulations, Part
325, Subpart B, i.e., well capitalized, adequately capitalized, etc.;
(B) its total capital to risk-weighted assets ratio as de-
fined in the applicable FDIC regulations;
(C) its Tier 1 capital to total book assets ratio as defined
in the applicable FDIC regulations;
(D) its Tier 1 capital to risk-weighted ratio;
(E) its most recent call report and/or other financial re-
port that can be used to substantiate subparagraphs (A) - (D) of this
paragraph; and
(F) if applicable, evidence of a waiver from the FDIC
that permits the prior plan [qualified] vendor to accept brokered de-
posits.
(5) A prior plan [qualified] vendor shall immediately no-
tify the plan administrator if the prior plan [qualified] vendor's capital
category changes before its next call report or if its waiver from the
FDIC with regard to brokered deposits expires, is revoked, or materi-
ally changes.
(6) A prior plan [qualified] vendor must collateralize defer-
rals and investment income as required by the plan administrator. If a
monthly report indicates that a prior plan [qualified] vendor will lose or
has lost FDIC pass-through insurance, the prior plan vendor shall im-
mediately pledge additional collateral and comply with the directives
of the plan administrator. The plan administrator may suspend or ex-
pel an under-collateralized prior plan [qualified] vendor in accordance
with 87.21(a)(8) of this title (relating to Remedies).
(7) A prior plan [qualified] vendor may not require a par-
ticipant to withdraw some or all of the participant's deferrals and in-
vestment income so that the prior plan vendor may avoid the collater-
alization requirements imposed by the plan administrator. A prior plan
[qualified] vendor may not establish a maximum amount of deferrals
that a participant may invest in the vendor' s qualified investment prod-
ucts.
(8) Notwithstanding a prior plan [qualified] vendor's rein-
vestment of deferrals and investment income in investment products of-
fered by the prior plan vendor's trust department or by other prior plan
vendors, the deferrals and investment income are deemed invested in
the vendor's qualified investment products for the purpose of this sub-
section.
(9) The plan administrator, in its discretion, may immedi-
ately transfer under-collateralized funds plus any amount reasonably
necessary to prevent future under-collateralization. The transfer shall
be carried out in accordance with the procedures set forth in 87.15[(e)]
of this title. The prior plan vendor may not charge the participant a fee
or penalty due to a withdrawal of under-collateralized funds.) [(k)] Collateralization by savings and loan associations.
(1) This subsection applies only to a prior plan [qualified]
vendor that is a savings and loan association.
(2) In this subsection, the term "deferred compensation in-
formation" means:
(A) the amount by which the balance of each account
as of the end of the previous month exceeds the amount insured by the
FDIC; and
(B) the number of accounts whose balances exceed the
amount insured by the FDIC.
(3) At the plan administrator's discretion, the plan admin-
istrator may require a prior plan [qualified] vendor to report deferred
compensation information and additional information to the data col-
lection center no later than 1 p.m., central time, on a call-in day that the
plan administrator considers necessary to evaluate the collateralization
requirement under this subsection.
(4) Once each quarter, a prior plan [qualified] vendor shall
furnish to the plan administrator the following information certified by
its chief financial officer:
(A) its current capital category as defined in the Prompt
Corrective Action regulations, 12 Code of Federal Regulations, Part
325, Subpart B, i.e., well-capitalized, adequately capitalized, etc.;
(B) its total capital to risk-weighted assets ratio as de-
fined in the applicable FDIC regulations;
(C) its Tier 1 capital to total book assets ratio as defined
in the applicable FDIC regulations;
(D) its Tier 1 capital to risk-weighted ratio;
(E) its most recent call report and/or other financial re-
port that can be used to substantiate subparagraphs (A) - (D) of this
paragraph; and
(F) if applicable, evidence of a waiver from the FDIC
that permits the prior plan [qualified] vendor to accept brokered de-
posits.
(5) A prior plan [qualified] vendor shall immediately no-
tify the plan administrator if the prior plan [qualified] vendor' s capital
category changes before its next call report or if its waiver from the
FDIC with regard to brokered deposits expires, is revoked, or materi-
ally changes.
(6) A prior plan [qualified] vendor must collateralize defer-
rals and investment income as required by the plan administrator. If a
monthly report indicates that a prior plan [qualified] vendor will lose or
has lost FDIC pass-through insurance, the prior plan vendor shall im-
mediately pledge additional collateral and comply with the directives
of the plan administrator. The plan administrator may suspend or ex-
pel an under-collateralized prior plan [qualified] vendor in accordance
with 87.21(a)(8) of this title (relating to Remedies).
(7) A prior plan [qualified] vendor may not require a par-
ticipant to withdraw some or all of the participant's deferrals and in-
vestment income so that the prior plan vendor may avoid the collater-
alization requirements imposed by the plan administrator. A prior plan
[qualified] vendor may not establish a maximum amount of deferrals
that a participant may invest in the vendor's qualified investment prod-
ucts.
(8) Notwithstanding a prior plan [qualified] vendor's rein-
vestment of deferrals and investment income in investment products29 TexReg 7066 July 23, 2004 Texas Register
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Texas. Secretary of State. Texas Register, Volume 29, Number 30, Pages 7013-7230, July 23, 2004, periodical, July 23, 2004; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101134/m1/53/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.