§ 15-14-738 — Retirement plans

Colorado § 15-14-738

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Persons Under Disability - Protection

Text

(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 federal Internal Revenue Code of 1986, as amended:

(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 retirement plan to another;

(c) Establish a retirement plan in the principal's name and designate a
beneficiary that will be the estate of the principal;

(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.

Legislative History

Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 409, � 1, effective April 9.