§ 64.2-1636 — Retirement plans

Virginia § 64.2-1636

• Jurisdiction: Virginia
• Title 64.2: WILLS, TRUSTS, AND FIDUCIARIES
• Subtitle IV: FIDUCIARIES AND GUARDIANS
• Ch. 16: UNIFORM POWER OF ATTORNEY ACT
• Art. 2: AUTHORITY
• Part B: POWERS OF ATTORNEY

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. § 408, as amended;

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

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

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

5. A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code 26 U.S.C. § 401 (a), as amended;

6. A plan under Internal Revenue Code 26 U.S.C. § 457 (b), as amended; and

7. A nonqualified deferred compensation plan under Internal Revenue Code 26 U.S.C. § 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

2010, cc. 455, 632, § 26-109; 2012, c. 614.