In a statutory power of attorney the language granting power with respect to retirement plan transactions empowers the agent to:

(1) Select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals;

(2) Designate beneficiaries under those plans and change existing designations;

(3) Make voluntary contributions to those plans;

(4) Exercise the investment powers available under any self-directed retirement plan;

(5) Make “rollovers” of plan benefits into other retirement plans;

(6) If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and

(7) Waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.

CREDIT(S)

(Sept. 18, 1998, D.C. Law 12-147, § 2, 45 DCR 3853.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 21-2115.
Legislative History of Laws
For legislative history of D.C. Law 12-147, see Historical and Statutory Notes following § 21-2101.
Uniform Law
This section is based upon § 15 of the Uniform Statutory Form Power of Attorney Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.

In a statutory power of attorney the language granting power with respect to retirement plan transactions empowers the agent to:

(1) Select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals;

(2) Designate beneficiaries under those plans and change existing designations;

(3) Make voluntary contributions to those plans;

(4) Exercise the investment powers available under any self-directed retirement plan;

(5) Make “rollovers” of plan benefits into other retirement plans;

(6) If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and

(7) Waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.

CREDIT(S)

(Sept. 18, 1998, D.C. Law 12-147, § 2, 45 DCR 3853.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 21-2115.
Legislative History of Laws
For legislative history of D.C. Law 12-147, see Historical and Statutory Notes following § 21-2101.
Uniform Law
This section is based upon § 15 of the Uniform Statutory Form Power of Attorney Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.