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:

   1. 1. An individual retirement account under Internal Revenue Code Section 408, 26 U.S.C., Section 408, as amended;
   2. 2. A Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C., Section 408A, as amended;
   3. 3. A deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C., Section 408(q), as amended;
   4. 4. An annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C., 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), 26 U.S.C., Section 401(a), as amended;
   6. 6. A plan under Internal Revenue Code Section 457(b), 26 U.S.C., Section 457(b), as amended; and
   7. 7. A nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C., 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 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.

Laws 2021, HB 2548, c. 332, § 38, eff. November 1, 2021.