1. (a) For the 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 the following plans or accounts:

   1. (1) An individual retirement account under 26 U.S.C. § 408;
   2. (2) A Roth individual retirement account under 26 U.S.C. § 408A;
   3. (3) A deemed individual retirement account under 26 U.S.C. § 408(q);
   4. (4) An annuity or mutual fund custodial account under 26 U.S.C. § 403(b);
   5. (5) A pension, profit-sharing, stock bonus, or other retirement plan qualified under 26 U.S.C. [§] 401(a);
   6. (6) A plan under 26 U.S.C. § 457(b); and
   7. (7) A nonqualified deferred compensation plan under 26 U.S.C. § 409A.

2. (b) 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:

   1. (1) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan;
   2. (2) Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;
   3. (3) Establish a retirement plan in the principal's name;
   4. (4) Make contributions to a retirement plan;
   5. (5) Exercise investment powers available under a retirement plan; and
   6. (6) Borrow from, sell assets to, or purchase assets from a retirement plan.

History

Feb. 23, 2023, D.C. Law 24-236, § 2(d)