72-31-350. Retirement plans. (1) 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:
(a) an individual retirement account under section 408 of the Internal Revenue Code, 26 U.S.C. 408;
(b) a Roth individual retirement account under section 408A of the Internal Revenue Code, 26 U.S.C. 408A;
(c) a deemed individual retirement account under section 408(q) of the Internal Revenue Code, 26 U.S.C. 408(q);
(d) an annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code, 26 U.S.C. 403(b);
(e) a pension, profit-sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code, 26 U.S.C. 401(a);
(f) a deferred compensation plan under section 457(b) of the Internal Revenue Code, 26 U.S.C. 457(b); and
(g) a nonqualified deferred compensation plan under section 409A of the Internal Revenue Code, 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 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, and purchase assets from a retirement plan.
History: En. Sec. 127, Ch. 494, L. 1993; amd. Sec. 41, Ch. 109, L. 2011; Sec. 72-31-235, MCA 2009; redes. 72-31-350 by Code Commissioner, 2011.
Structure Montana Code Annotated
Title 72. Estates, Trusts, and Fiduciary Relationships
Chapter 31. Miscellaneous Provisions Relating to Fiduciaries
Part 3. Uniform Power of Attorney Act
72-31-304. Power of attorney is durable
72-31-305. Execution of power of attorney
72-31-306. Validity of power of attorney
72-31-307. Meaning and effect of power of attorney
72-31-308. Nomination of conservator or guardian -- relation of agent to court-appointed fiduciary
72-31-309. When power of attorney effective
72-31-310. Termination of power of attorney or agent's authority
72-31-311. through 72-31-315 reserved
72-31-316. Coagents or successor agents
72-31-317. Reimbursement and compensation of agent
72-31-320. Exoneration of agent
72-31-323. Agent's resignation -- notice
72-31-324. Acceptance of and reliance upon acknowledged power of attorney
72-31-325. Liability for refusal to accept acknowledged power of attorney
72-31-326. Principles of law and equity
72-31-327. Laws applicable to financial institutions and entities
72-31-328. Remedies under other law
72-31-329. through 72-31-335 reserved
72-31-336. Authority that requires specific grant -- grant of general authority
72-31-337. Incorporation of authority
72-31-338. Construction of authority generally
72-31-340. Tangible personal property
72-31-342. Commodities and options
72-31-343. Banks and other financial institutions
72-31-344. Operation of entity or business
72-31-345. Insurance and annuities
72-31-346. Estates, trusts, and other beneficial interests
72-31-347. Claims and litigation
72-31-348. Personal and family maintenance
72-31-349. Benefits from governmental programs or civil or military service
72-31-353. Statutory form power of attorney
72-31-354. Agent's certification
72-31-355. through 72-31-364 reserved
72-31-365. Uniformity of application and construction
72-31-366. Relation to Electronic Signatures in Global and National Commerce Act