26-109 - Retirement plans. - Virginia Statutes

§ 26-109. Retirement plans.

A. In this section, "retirement plan" means a plan or account created by anemployer, the principal, or another individual to provide retirement benefitsor deferred compensation of which the principal is a participant,beneficiary, or owner, including a plan or account under the followingsections of the Internal Revenue Code:

1. An individual retirement account under Internal Revenue Code 26 U.S.C. §408, as amended;

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

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

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

5. A pension, profit-sharing, stock bonus, or other retirement plan qualifiedunder Internal Revenue Code 26 U.S.C. § 401(a), as amended;

6. A plan under Internal Revenue Code 26 U.S.C. § 457(b), as amended; and

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

B. Unless the power of attorney otherwise provides, language in a power ofattorney granting general authority with respect to retirement plansauthorizes the agent to:

1. Select the form and timing of payments under a retirement plan andwithdraw benefits from a plan;

2. Make a rollover, including a direct trustee-to-trustee rollover, ofbenefits from one retirement plan to another;

3. Establish a retirement plan in the principal's name;

4. Make contributions to a retirement plan;

5. Exercise investment powers available under a retirement plan; and

6. Borrow from, sell assets to, or purchase assets from a retirement plan.

(2010, cc. 455, 632.)