Title 75 - Utah Uniform Probate Code - Chapter 9 - Uniform Power of Attorney Act - Part 2 - Authority - Section 215 - Retirement plans.

Published: 2016-05-10

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Utah Code

Page 1

Effective 5/10/2016 75-9-215 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 a plan or account under the following sections of the Internal Revenue Code:

(a) an individual retirement account under Section 408, Internal Revenue Code; (b) a Roth individual retirement account under Section 408A, Internal Revenue Code; (c) a deemed individual retirement account under Section 408(q), Internal Revenue Code; (d) an annuity or mutual fund custodial account under Section 403(b), Internal Revenue Code; (e) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Section 401(a),

Internal Revenue Code; (f) a plan under Section 457(b), Internal Revenue Code; and (g) a nonqualified deferred compensation plan under Section 409A, 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:

(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.

Enacted by Chapter 256, 2016 General Session