§ 30-4038 — Retirement plans

Nebraska § 30-4038

• Jurisdiction: Nebraska
• Ch. 30: Decedents' Estates; Protection of Persons and Property

Text

(1) For purposes of 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 of the Internal Revenue Code, 26 U.S.C. 408;
(b) A Roth individual
retirement account under section 408A of the Internal Revenue Code, 26 U.S.C.
408A;
(c)
A deemed individual retirement account under section 408(q) of the Internal
Revenue Code, 26 U.S.C. 408(q);
(d) An annuity or mutual fund custodial account under
section 403(b) of the Internal Revenue Code, 26 U.S.C. 403(b);
(e) A pension, profit-sharing,
stock bonus, or other retirement plan qualified under section 401(a) of the
Internal Revenue Code, 26 U.S.C. 401(a);
(f) A plan under section 457(b) of the Internal Revenue
Code, 26 U.S.C. 457(b); and
(g) A nonqualified deferred compensation plan under
section 409A of the Internal Revenue Code, 26 U.S.C. 409A.
(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, including a beneficiary
individual retirement plan;
(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: Laws 2012, LB1113, § 38.