244.55 Retirement plans.
(1) 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 the following plans or accounts:
(a) An individual retirement account under section 408 of the Internal Revenue Code.
(b) A Roth individual retirement account under section 408A of the Internal Revenue Code.
(c) A deemed individual retirement account under section 408 (q) of the Internal Revenue Code.
(d) An annuity or mutual fund custodial account under section 403 (b) of the Internal Revenue Code.
(e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under section 401 (a) of the Internal Revenue Code.
(f) A plan under section 457 (b) of the Internal Revenue Code.
(g) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code.
(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 do all of the following:
(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.
(f) Borrow from, sell assets to, or purchase assets from a retirement plan.
History: 2009 a. 319.
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