72-31-350. 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 of the Internal Revenue Code, 26 U.S.C. 408;
(b) a Roth individual retirement account under section 408A of the Internal Revenue Code, 26 U.S.C. 408A;
(c) a deemed individual retirement account under section 408(q) of the Internal Revenue Code, 26 U.S.C. 408(q);
(d) an annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code, 26 U.S.C. 403(b);
(e) a pension, profit-sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code, 26 U.S.C. 401(a);
(f) a deferred compensation plan under section 457(b) of the Internal Revenue Code, 26 U.S.C. 457(b); and
(g) a nonqualified deferred compensation plan under section 409A of the Internal Revenue Code, 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, and purchase assets from a retirement plan.