1. (a) 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 of 1986, as amended:

   1. (1) An individual retirement account under Internal Revenue Code section 408, title 26 United States Code section 408, as amended;
   2. (2) A Roth individual retirement account under Internal Revenue Code section 408A, title 26 United States Code section 408A, as amended;
   3. (3) A deemed individual retirement account under Internal Revenue Code section 408(q), title 26 United States Code section 408(q), as amended;
   4. (4) An annuity or mutual fund custodial account under Internal Revenue Code section 403(b), title 26 United States Code section 403(b), as amended;
   5. (5) A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code section 401(a), title 26 United States Code section 401(a), as amended;
   6. (6) A plan under Internal Revenue Code section 457(b), title 26 United States Code section 457(b), as amended; and
   7. (7) A nonqualified deferred compensation plan under Internal Revenue Code section 409A, title 26 United States Code section 409A, as amended.

2. (b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans shall authorize 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.

[L 2014, c 22, pt of §1]