§ 5-1502L. Construction--retirement benefit transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "retirement benefit transactions" must be\nconstrued to mean that the principal authorizes the agent:\n 1. To contribute to, withdraw from and deposit funds in any type of\nretirement benefit or plan (including, but not limited to, any tax\nqualified or nonqualified pension, profit sharing, stock bonus, employee\nsavings and retirement plan, deferred compensation plan, individual\nretirement account, or any public pension fund or retirement system);\n 2. To make investment directions, to select and change payment\noptions, and to exercise any other election for the principal with\nregard to any retirement benefit or plan in w
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§ 5-1502L. Construction--retirement benefit transactions. In a\nstatutory short form power of attorney, the language conferring general\nauthority with respect to "retirement benefit transactions" must be\nconstrued to mean that the principal authorizes the agent:\n 1. To contribute to, withdraw from and deposit funds in any type of\nretirement benefit or plan (including, but not limited to, any tax\nqualified or nonqualified pension, profit sharing, stock bonus, employee\nsavings and retirement plan, deferred compensation plan, individual\nretirement account, or any public pension fund or retirement system);\n 2. To make investment directions, to select and change payment\noptions, and to exercise any other election for the principal with\nregard to any retirement benefit or plan in which the principal has an\ninterest, provided, however, that the authority granted hereby shall not\ninclude the authority to add, delete, or otherwise change the\ndesignation of beneficiaries in effect for any such retirement benefit\nor plan, unless the authority to make such additions, deletions or\nchanges is expressly stated otherwise in the "Modifications" section of\na statutory short form power of attorney or in a non-statutory power of\nattorney signed and dated by the principal with the signature of the\nprincipal duly acknowledged in the manner prescribed for the\nacknowledgment of a conveyance of real property, and which is executed\npursuant to the requirements of section 5-1501B of this title;\n 3. To make rollover contributions from any retirement benefit or plan\nto other retirement benefits or plans;\n 4. To prepare, execute and deliver any application, agreement, trust\nagreement, authorization, check or other instrument or document which\nmay be required under the terms of any retirement benefit or plan in\nwhich the principal has an interest or by the administrator thereof, or\nwhich the agent deems useful for the accomplishment of any of the\npurposes enumerated in this section;\n 5. To represent the principal in any matter or thing relating to any\ninterest that the principal has or may become entitled to under any\nretirement benefit or plan;\n 6. To prosecute, defend, submit to alternative dispute resolution,\nsettle, and propose or accept a compromise with respect to any claim\nexisting in favor of, or against, the principal based upon or involving\nany retirement benefit or plan and to intervene in any action or\nproceeding relating thereto;\n 7. To hire, discharge, and compensate any attorney, accountant, expert\nwitness or other assistant or assistants when the agent deems such\naction to be desirable for the proper execution by the agent of the\npowers described in this section or for the keeping of required records\nthereof; and\n 8. In general, and in addition to all the specific acts in this\nsection enumerated, to do any other act or acts, which the principal can\ndo through an agent, with respect to any retirement benefit or plan\nmaintained by the principal or in which the principal has an interest or\nmay thereafter have an interest.\n All powers described in this section 5-1502L of the general\nobligations law shall be exercisable with respect to any retirement\nbenefit or plan in which the principal has any interest, whether in the\nstate of New York or elsewhere.\n The powers explicitly authorized in the provisions of this section\n5-1502L of the general obligations law shall not be construed to\ndiminish any like powers authorized in any other section of title 15 of\narticle 5 of the general obligations law. Accordingly, such powers as\nare authorized in any other section of title 15 of article 5 of the\ngeneral obligations law shall be construed as if the provisions of this\nsection do not exist.\n