59-12-37. Retirement plans.(1)For purposes of 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:(a)An individual retirement account under 26 U.S.C. § 408;(b)A Roth individual retirement account under 26 U.S.C. § 408A;(c)A deemed individual retirement account under 26 U.S.C. § 408(q);(d)An annuity or mutual fund custodial account under 26 U.S. C. § 403(b);(e)A pension, profit-sharing, stock bonus, or other retirement plan qualified under 26 U.S.C. § 401(a);(f)A plan under 26 U.S.C. § 457(b); and(g)A nonqualified deferred compensation plan under 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 orizes 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, or purchase assets from a retirement plan. Source: SL 2020, ch 214, § 37.
South Dakota Legal Code