\n(a) In 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:\n(1) An individual retirement account under section 408 of the Internal Revenue Code.\n(2) A Roth individual retirement account under section 408A of the Internal Revenue Code.\n(3) A deemed individual retirement account under section 408(q) of the Internal Revenue Code.\n(4) An annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code.\n(5) A pension, profit sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code.\n(6) A plan under sections 457(b) and (f) of the Internal Revenue Code.\n(7) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code.\n(b) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans authorizes section 409A of the Internal Revenue Code.\n(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 do all of the following:\n(1) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan.\n(2) Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another.\n(3) Establish a retirement plan in the principal's name.\n(4) Make contributions to a retirement plan.\n(5) Exercise investment powers available under a retirement plan.\n(6) Borrow from, sell assets to, or purchase assets from a retirement plan. (2017-153, s. 1.)
North Carolina Legal Code