2021 Georgia Code
Title 10 - Commerce and Trade
Chapter 6B - Georgia Power of Attorney
Article 2 - Authority of Agent
§ 10-6B-54. Retirement Plans

1. As used in this Code 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 such 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 Section 408, 26 U.S.C. Section 408, in effect on February 1, 2018;
   2. A Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. Section 408A, in effect on February 1, 2018;
   3. A deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. Section 408(q), in effect on February 1, 2018;
   4. An annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. Section 403(b), in effect on February 1, 2018;
   5. A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. Section 401(a), in effect on February 1, 2018;
   6. A plan under Internal Revenue Code Section 457(b), 26 U.S.C. Section 457(b), in effect on February 1, 2018; and
   7. A nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. Section 409A, in effect on February 1, 2018.
2. Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to retirement plans shall authorize 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.

(Code 1981, §10-6B-54, enacted by Ga. L. 2017, p. 435, § 2-1/HB 221; Ga. L. 2018, p. 520, § 22/HB 897.)

The 2018 amendment, effective July 1, 2018, substituted "February 1, 2018" for "February 1, 2017" in paragraphs (a)(1) through (a)(7).