Code of Virginia
Chapter 16 - Uniform Power of Attorney Act
§ 64.2-1636. Retirement plans

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 26 U.S.C. § 408, as amended;
2. A Roth individual retirement account under Internal Revenue Code 26 U.S.C. § 408A, as amended;
3. A deemed individual retirement account under Internal Revenue Code 26 U.S.C. § 408 (q), as amended;
4. An annuity or mutual fund custodial account under Internal Revenue Code 26 U.S.C. § 403 (b), as amended;
5. A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code 26 U.S.C. § 401 (a), as amended;
6. A plan under Internal Revenue Code 26 U.S.C. § 457 (b), as amended; and
7. A nonqualified deferred compensation plan under Internal Revenue Code 26 U.S.C. § 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.
2010, cc. 455, 632, § 26-109; 2012, c. 614.