Effective: March 22, 2012 Latest Legislation: Senate Bill 117 - 129th General Assembly (A) As used 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 any of the following plans or accounts: (1) An individual retirement account under section 408 of the Internal Revenue Code of 1986, 26 U.S.C. 408;(2) A Roth individual retirement account under section 408A of the Internal Revenue Code of 1986, 26 U.S.C. 408A;(3) A deemed individual retirement account under section 408(q) of the Internal Revenue Code of 1986, 26 U.S.C. 408(q);(4) An annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code of 1986, 26 U.S.C. 403(b);(5) A pension, profit-sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code of 1986, 26 U.S.C. 401(a);(6) A plan under section 457(b) of the Internal Revenue Code of 1986, 26 U.S.C. 457(b);(7) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code of 1986, 26 401(a);(6) A plan under section 457(b) of the Internal Revenue Code of 1986, 26 U.S.C. 457(b);(7) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code of 1986, 26 U.S.C. 409A.(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:(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;(6) Borrow from, sell assets to, or purchase assets from a retirement plan.
Ohio Legal Code