RSA 564-E:215 · Retirement Plans

564-E:215 Retirement Plans. –

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(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:

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(1)

an individual retirement account under Internal Revenue Code section 408, 26 U.S.C. section 408, as amended;

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(2)

a Roth individual retirement account under Internal Revenue Code section 408A, 26 U.S.C. section 408A, as amended;

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(3)

a deemed individual retirement account under Internal Revenue Code section 408(q), 26 U.S.C. section 408(q), as amended;

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(4)

an annuity or mutual fund custodial account under Internal Revenue Code section 403(b), 26 U.S.C. section 403(b), as amended;

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(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;

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(6)

a plan under Internal Revenue Code section 457(b), 26 U.S.C. section 457(b), as amended; and

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(7)

a nonqualified deferred compensation plan under Internal Revenue Code section 409A, 26 U.S.C. section 409A, as amended.

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(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:

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(1)

select the form and timing of payments under a retirement plan and withdraw benefits from a plan;

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(2)

make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;

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(3)

establish a retirement plan in the principal's name;

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(4)

make contributions to a retirement plan;

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(5)

exercise investment powers available under a retirement plan; and

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(6)

borrow from, sell assets to, or purchase assets from a retirement plan. Source. 2017, 178:1, eff. Jan. 1, 2018.

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