Section 59-12-37 - Retirement plans(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:(a) An individual retirement account under 26 U.S.C. § 408;(b) A Roth individual retirement account under 26 U.S.C. § 408A;(c) A deemed individual retirement account under 26 U.S.C. § 408(q);(d) An annuity or mutual fund custodial account under 26 U.S.C. § 403(b);(e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under 26 U.S.C. § 401(a);(f) A plan under 26 U.S.C. § 457(b); and(g) A nonqualified deferred compensation plan under 26 U.S.C. § 409A.(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: (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; and(f) Borrow from, sell assets to, or purchase assets from a retirement plan.Added by S.L. 2020, ch. 214,s. 37, eff. 7/1/2020.