A. As used 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 Section 408 of the Internal Revenue Code of 1986, as amended;
(2) a Roth individual retirement account under Section 408A of the Internal Revenue Code of 1986, as amended;
(3) a deemed individual retirement account under Section 408(q) of the Internal Revenue Code of 1986, as amended;
(4) an annuity or mutual fund custodial account under Section 403(b) of the Internal Revenue Code of 1986, as amended;
(5) a pension, profit-sharing, stock bonus or other retirement plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended;
(6) a plan under Section 457(b) of the Internal Revenue Code of 1986, as amended; and
(7) a nonqualified deferred compensation plan under Section 409A of the Internal Revenue Code of 1986, 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.
History: Laws 2007, ch. 135, § 215; 1978 Comp., § 46B-1-215 recompiled as § 45-5B-215 by Laws 2011, ch. 124, § 102.
Recompilations. — Laws 2011, ch. 124, § 102 recompiled former 46B-1-215 NMSA 1978 as 45-5B-215 NMSA 1978, effective January 1, 2012.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 5B - Uniform Power of Attorney
Section 45-5B-201 - Authority that requires specific grant; grant of general authority.
Section 45-5B-202 - Incorporation of authority.
Section 45-5B-203 - Construction of authority generally.
Section 45-5B-204 - Real property.
Section 45-5B-205 - Tangible personal property.
Section 45-5B-206 - Stocks and bonds.
Section 45-5B-207 - Commodities and options.
Section 45-5B-208 - Banks and other financial institutions.
Section 45-5B-209 - Operation of entity or business.
Section 45-5B-210 - Insurance and annuities.
Section 45-5B-211 - Estates, trusts and other beneficial interests.
Section 45-5B-212 - Claims and litigation.
Section 45-5B-213 - Personal and family maintenance.
Section 45-5B-214 - Benefits from governmental programs or civil or military service.