CODE OF VIRGINIA

RETIREMENT PLANS (§ 64.2-1636)

A. 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:

   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 26
   U.S.C. § 408(q), as amended;

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

   5.  A pension, profit-sharing, stock bonus, or other retirement plan qualified
   under 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 26
   U.S.C. § 409A, as amended.

B. 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:

   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: 2010, cc. 455, 632, § 26-109; 2012, c. 614.