Section 32C-2-215 - Retirement plans(a) In 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:(1) An individual retirement account under section 408 of the Internal Revenue Code.(2) A Roth individual retirement account under section 408A of the Internal Revenue Code.(3) A deemed individual retirement account under section 408(q) of the Internal Revenue Code.(4) An annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code.(5) A pension, profit sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code.(6) A plan under sections 457(b) and (f) of the Internal Revenue Code.(7) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code.(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 do all of the following: (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.(6) Borrow from, sell assets to, or purchase assets from a retirement plan.N.C. Gen. Stat. § 32C-2-215
Added by 2017 N.C. Sess. Laws 153,s. 1, eff. 1/1/2018.