Okla. Stat. tit. 15 § 1017

Current through Laws 2024, c. 453.

Section 1017 - Construction of power relating to retirement plan transactions

In a statutory power of attorney, the language granting power with respect to retirement plan transactions empowers the agent to:

1. Select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals;

2. Make voluntary contributions to those plans;

3. Exercise the investment powers available under any self-directed retirement plan;

4. Make "rollovers" of plan benefits into other retirement plans;

5. If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and

6. Waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.

Okla. Stat. tit. 15, § 1017

Added by Laws 1998 , SB 1122, c. 420, §17, eff. 11/1/1998.