72-31-235. Construction of power relating to retirement plan transactions.
72-31-235. Construction of power relating to retirement plan transactions. In a statutory power of attorney, the language granting power with respect to retirement plan transactions empowers the agent to:
(1) select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals;
(2) designate beneficiaries under those plans and change existing designations;
(3) make voluntary contributions to those plans;
(4) exercise the investment powers available under any self-directed retirement plan;
(5) make "rollovers" of plan benefits into other retirement plans;
(6) if authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and
(7) waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.
History: En. Sec. 127, Ch. 494, L. 1993.