§ 58-3038 — 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 amended; 2. A Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C., Section 408A, as amended; 3. A deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C., Section 408(q), as amended; 4. An annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C., Section 403(b), as amended; 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 amended; 6. A plan under Internal Revenue Code Section 457(b), 26 U.S.C., Section 457(b), as amended; and 7. A nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C., Section 409A, as amended. 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

Added by Laws 2021, 332, § 38, eff. Nov. 1, 2021.