[§551E‑45] Retirement plans.
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/hi/551e-33A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[§551E‑45] Retirement plans.
(a)In this section, "retirement plan" means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code of 1986, as amended:
(1)An individual retirement account under Internal Revenue Code section 408, title 26 United States Code section 408, as amended;
(2)A Roth individual retirement account under Internal Revenue Code section 408A, title 26 United States Code section 408A, as amended;
(3)A deemed individual retirement account under Internal Revenue Code section 408(q), title 26 United States Code section 408(q), as amended;
(4)An annuity or mutual fund custodial account under Internal Revenue Code section 403(b), title 26 United States Code section 403(b), as amended;
(5)A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code section 401(a), title 26 United States Code section 401(a), as amended;
(6)A plan under Internal Revenue Code section 457(b), title 26 United States Code section 457(b), as amended; and
(7)A nonqualified deferred compensation plan under Internal Revenue Code section 409A, title 26 United States Code section 409A, as amended.
(b)Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans shall authorize the agent to:
(1)Select the form and timing of payments under a retirement plan and withdraw benefits from a plan;
(2)Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;
(3)Establish a retirement plan in the principal's name;
(4)Make contributions to a retirement plan;
(5)Exercise investment powers available under a retirement plan; and
(6)Borrow from, sell assets to, or purchase assets from a retirement plan. [L 2014, c 22, pt of §1]