Retirement plans

(a) As used in this Code 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 such principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code: (1) An individual retirement account under Internal Revenue 1106 10-6B-55 Code Section 408, 26 U.S.C. Section 408, in effect on February 1, 2018; (2) A Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, in effect on February 1, 2018; (3) A deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), in effect on February 1, 2018; (4) An annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), in effect on February 1, 2018; (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), in effect on February 1, 2018; (6) A plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b), in effect on February 1, 2018; and (7) A nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 409A, in effect on February 1, 2018. (b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans shall authorize the agent to: (1) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan; (2) Make a rollover, including a direct trustee-to-trustee rollover, of benefits 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. History. Code 1981, § 10-6B-54, enacted by Ga. L. 2017, p. 435, § 2-1/HB 221; Ga. L. 2018, p. 520, § 22/HB 897. 10-6B-55. Taxes.