Section 1-351n - General authority with respect to retirement plans(a) For purposes of 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 of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time: (1) An individual retirement account under 26 USC 408, as amended from time to time;(2) A Roth individual retirement account under 26 USC 408A, as amended from time to time;(3) A deemed individual retirement account under 26 USC 408(q), as amended from time to time;(4) An annuity or mutual fund custodial account under 26 USC 403(b), as amended from time to time;(5) A pension, profit sharing, stock bonus or other retirement plan qualified under 26 USC 401(a), as amended from time to time;(6) A plan under 26 USC 457(b), as amended from time to time; and(7) A nonqualified deferred compensation plan under 26 USC 409A, as amended from time to time.(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.Conn. Gen. Stat. § 1-351n
( P.A. 15-240, S. 38; P.A. 16-40, S. 9.)
Amended by P.A. 16-0040, S. 9 of the Connecticut Acts of the 2016 Regular Session, eff. 5/27/2016.Added by P.A. 15-0240, S. 38 of the Connecticut Acts of the 2015 Regular Session, eff. 10/1/2016.