Retirement Plans

1. Law
2. Georgia Code
3. Commerce and Trade
4. Georgia Power of Attorney
5. Authority of Agent
6. Retirement Plans

1. As used in this Code 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 such 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, in effect on February 1, 2018;
   2. A Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, in effect on February 1, 2018;
   3. A deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), in effect on February 1, 2018;
   4. An annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), in effect on February 1, 2018;
   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), in effect on February 1, 2018;
   6. A plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b), in effect on February 1, 2018; and
   7. A nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 409A, in effect on February 1, 2018.
2. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans shall authorize 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.

(Code 1981, §10-6B-54, enacted by Ga. L. 2017, p. 435, § 2-1/HB 221; Ga. L. 2018, p. 520, § 22/HB 897.)

The 2018 amendment, effective July 1, 2018, substituted "February 1, 2018" for "February 1, 2017" in paragraphs (a)(1) through (a)(7).

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