South Carolina § 62-8-215 Retirement plans.

South Carolina Statutes

§ 62-8-215 — Retirement plans.

South Carolina § 62-8-215

Title 62SOUTH CAROLINA PROBATE CODE

Ch.ARTICLE 8 - SOUTH CAROLINA UNIFORM POWER OF ATTORNEY ACT

This text of South Carolina § 62-8-215 (Retirement plans.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 62-8-215 (2026).

Text

(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 26 U.S.C. Section 408, as amended;

(2)a Roth individual retirement account under Internal Revenue Code 26 U.S.C. Section 408A, as amended;

(3)a deemed individual retirement account under Internal Revenue Code 26 U.S.C. Section 408(q), as amended;

(4)an annuity or mutual fund custodial account under Internal Revenue Code 26 U.S.C. Section 403(b), as amended;

(5)a pension, profit-sharing, stock bonu

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(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 26 U.S.C. Section 408, as amended; (2) a Roth individual retirement account under Internal Revenue Code 26 U.S.C. Section 408A, as amended; (3) a deemed individual retirement account under Internal Revenue Code 26 U.S.C. Section 408(q), as amended; (4) an annuity or mutual fund custodial account under Internal Revenue Code 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 26 U.S.C. Section 401(a), as amended; (6) a plan under Internal Revenue Code 26 U.S.C. Section 457(b), as amended; and (7) a nonqualified deferred compensation plan under Internal Revenue Code 26 U.S.C. Section 409A, as amended. (b) Unless the power of attorney otherwise provides and subject to Section 62-8-201, 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, including election of survivor benefits, 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.