§ 28-68-215 — 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: (1) an individual retirement account under Internal Revenue Code Section 408, 26 U.S.C. Section 408 , as it existed on January 1, 2011; (2) a Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A , as it existed on January 1, 2011; (3) a deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q) , as it existed on January 1, 2011; (4) an annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b) , as it existed on January 1, 2011; (5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section 401(a) , as it existed on January 1, 2011; (6) a plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b) , as it existed on January 1, 2011; and (7) a nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 409A , as it existed on January 1, 2011. (b) 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: (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.

Legislative History

Acts 2011, No. 805, § 1.