75A-2-215. Retirement plans.

256 words·~1 min read·/ut/title-75a/chapter-2/75a-2-215

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 9/1/2024

(1)As used 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 Section 408, Internal Revenue Code;

(b)a Roth individual retirement account under Section 408A, Internal Revenue Code;

(c)a deemed individual retirement account under Section 408(q), Internal Revenue Code;

(d)an annuity or mutual fund custodial account under Section 403(b), Internal Revenue Code;

(e)a pension, profit-sharing, stock bonus, or other retirement plan qualified under Section 401(a), Internal Revenue Code;

(f)a plan under Section 457(b), Internal Revenue Code; and

(g)a nonqualified deferred compensation plan under Section 409A, Internal Revenue Code.

(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 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.

Renumbered and Amended by Chapter 364 , 2024 General Session