                                 CODE OF VIRGINIA

RETIREMENT PLANS (§ 64.2-1636)

A. In this section, &#8220;retirement plan&#8221; 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.
   &#xA7; 408, as amended;

   2. A Roth individual retirement account under Internal Revenue Code 26 U.S.C.
   &#xA7; 408A, as amended;

   3. A deemed individual retirement account under Internal Revenue Code 26
   U.S.C. &#xA7; 408 (q), as amended;

   4. An annuity or mutual fund custodial account under Internal Revenue Code 26
   U.S.C. &#xA7; 403 (b), as amended;

   5. A pension, profit-sharing, stock bonus, or other retirement plan qualified
   under Internal Revenue Code 26 U.S.C. &#xA7; 401 (a), as amended;

   6. A plan under Internal Revenue Code 26 U.S.C. &#xA7; 457 (b), as amended;
   and

   7. A nonqualified deferred compensation plan under Internal Revenue Code 26
   U.S.C. &#xA7; 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&#8217;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: 2010, cc. 455, 632, § 26-109; 2012, c. 614.