457.380 Retirement plans.
282 words·~1 min read·
/ky/chapter-457/457-380A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)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:
(a)An individual retirement account under Internal Revenue Code Section 408,
26 U.S.C. sec. 408, as amended;
(b)A Roth individual retirement account under Internal Revenue Code Section
408A, 26 U.S.C. sec. 408A, as amended;
(c)A deemed individual retirement account under Internal Revenue Code Section
408(q), 26 U.S.C. sec. 408(q), as amended;
(d)An annuity or mutual fund custodial account under Internal Revenue Code
Section 403(b), 26 U.S.C. sec. 403(b), as amended;
(e)A pension, profit-sharing, stock bonus, or other retirement plan qualified
under Internal Revenue Code Section 401(a), 26 U.S.C. sec. 401(a), as
amended;
(f)A plan under Internal Revenue Code Section 457(b), 26 U.S.C. sec. 457(b), as
amended; and
(g)A nonqualified deferred compensation plan under Internal Revenue Code
Section 409A, 26 U.S.C. sec. 409A, as amended.
(2)Unless the power of attorney otherwise provides, language in a power of attorney
granting general authority with respect to retirement plans authorizes the agent to:
(a)Select the form and timing of payments under a retirement plan and withdraw
benefits from a plan;
(b)Make a rollover, including a direct trustee-to-trustee rollover, of benefits from
one
(1)retirement plan to another;
(c)Establish a retirement plan in the principal’s name;
(d)Make contributions to a retirement plan;
(e)Exercise investment powers available under a retirement plan; and
(f)Borrow from, sell assets to, or purchase assets from a retirement plan.