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.
Source: SL 2020, ch 214, § 37.