1. (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:

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

2. (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:

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

Source: SL 2020, ch 214 , § 37.