72-31-350 . Retirement plans. (1) 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: (a) an individual retirement account under section 408 of the Internal Revenue Code, 26 U.S.C. 408; (b) a Roth individual retirement account under section 408A of the Internal Revenue Code, 26 U.S.C. 408A; (c) a deemed individual retirement account under section 408(q) of the Internal Revenue Code, 26 U.S.C. 408(q); (d) an annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code, 26 U.S.C. 403(b); (e) a pension, profit-sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code, 26 U.S.C. 401(a); (f) a deferred compensation plan under section 457(b) of the Internal Revenue Code, 26 U.S.C. 457(b); and (g) a nonqualified deferred compensation plan under section 409A of the Internal Revenue Code, 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, and purchase assets from a retirement plan.
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