(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 Section 408, 26 U.S.C. Section 408, as amended;
(2) a Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, as amended;
(3) a deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), as amended;
(4) an annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), as amended;
(5) a pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section 401(a), as amended;
(6) a plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b), as amended; and
(7) a non-qualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 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.
Structure Code of Alabama
Title 26 - Infants and Incompetents.
Chapter 1A - Alabama Uniform Power of Attorney.
Section 26-1A-201 - Authority That Requires Specific Grant; Grant of General Authority.
Section 26-1A-202 - Incorporation of Authority.
Section 26-1A-203 - Construction of Authority Generally.
Section 26-1A-204 - Real Property.
Section 26-1A-205 - Tangible Personal Property.
Section 26-1A-206 - Stocks and Bonds.
Section 26-1A-207 - Commodities and Options.
Section 26-1A-208 - Banks and Other Financial Institutions.
Section 26-1A-209 - Operation of Entity or Business.
Section 26-1A-210 - Insurance and Annuities.
Section 26-1A-211 - Estates, Trusts, and Other Beneficial Interests.
Section 26-1A-212 - Claims and Litigation.
Section 26-1A-213 - Personal and Family Maintenance.
Section 26-1A-214 - Benefits From Governmental Programs or Civil or Military Service.