59-12-37. Retirement plans.
(1)For purposes of this section, the term, 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 26 U.S.C. § 408;
(b)A Roth individual retirement account under 26 U.S.C. § 408A;
(c)A deemed individual retirement account under 26 U.S.C. § 408(q);
(d)An annuity or mutual fund custodial account under 26 U.S. C. § 403(b);
(e)A pension, profit-sharing, stock bonus, or other retirement plan qualified under 26 U.S.C. § 401(a);
(f)A plan under 26 U.S.C. § 457(b); and
(g)A nonqualified deferred compensation plan under 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, or purchase assets from a retirement plan.
Source: SL 2020, ch 214, § 37.
Structure South Dakota Codified Laws
Chapter 12 - Uniform Power Of Attorney Act
Section 59-12-1 - Definitions.
Section 59-12-2 - Applicability.
Section 59-12-3 - Durable power of attorney.
Section 59-12-4 - Execution of power of attorney.
Section 59-12-5 - Validity of power of attorney.
Section 59-12-6 - Meaning and effect of power of attorney.
Section 59-12-8 - When power of attorney is effective.
Section 59-12-9 - Termination of power of attorney or agent's authority.
Section 59-12-10 - Coagents and successor agents.
Section 59-12-11 - Reimbursement and compensation of agent.
Section 59-12-12 - Agent's acceptance.
Section 59-12-13 - Agent's duties.
Section 59-12-14 - Exoneration of agent.
Section 59-12-15 - Judicial relief.
Section 59-12-16 - Agent's liability.
Section 59-12-17 - Agent's resignation--Notice.
Section 59-12-18 - Acceptance of and reliance upon acknowledged power of attorney.
Section 59-12-19 - Liability for refusal to accept acknowledged power of attorney.
Section 59-12-20 - Principles of law and equity.
Section 59-12-21 - Laws applicable to financial institutions and entities.
Section 59-12-22 - Remedies under other law.
Section 59-12-23 - Authority that requires specific grant--Grant of general authority.
Section 59-12-24 - Incorporation of authority.
Section 59-12-25 - Construction of authority generally.
Section 59-12-26 - Real property.
Section 59-12-27 - Tangible personal property.
Section 59-12-28 - Stocks and bonds.
Section 59-12-29 - Commodities and options.
Section 59-12-30 - Banks and other financial institutions.
Section 59-12-31 - Operation of entity or business.
Section 59-12-32 - Insurance and annuities.
Section 59-12-33 - Estates, trusts, and other beneficial interests.
Section 59-12-34 - Claims and litigation.
Section 59-12-35 - Personal and family maintenance.
Section 59-12-36 - Benefits from governmental programs or civil or military service.
Section 59-12-37 - Retirement plans.
Section 59-12-40 - Effect on existing powers of attorney.
Section 59-12-41 - Statutory form--Power of attorney.