CONSTRUCTION OF POWER RELATING TO RETIREMENT PLAN TRANSACTIONS
In a statutory power of attorney, the language granting power with respect to retirement plan transactions empowers the agent to:
1. Select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals;
2. Make voluntary contributions to those plans;
3. Exercise the investment powers available under any self-directed retirement plan;
4. Make "rollovers" of plan benefits into other retirement plans;
5. If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and
6. Waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.
Added by Laws 1998, c. 420, § 17, eff. Nov. 1, 1998.