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.