§ 59-12-37 — Retirement plans.

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

SL 2020, ch 214, § 37.