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2020 Kentucky Revised Statutes
Chapter 457 - Uniform power of attorney act (2006)
457.380 Retirement plans.

Universal Citation: KY Rev Stat § 457.380 (2020)
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457.380 Retirement plans. (1) (2) In 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: (a) An individual retirement account under Internal Revenue Code Section 408, 26 U.S.C. sec. 408, as amended; (b) A Roth individual retirement account under Internal Revenue Code Section 408A, 26 U.S.C. sec. 408A, as amended; (c) A deemed individual retirement account under Internal Revenue Code Section 408(q), 26 U.S.C. sec. 408(q), as amended; (d) An annuity or mutual fund custodial account under Internal Revenue Code Section 403(b), 26 U.S.C. sec. 403(b), as amended; (e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. sec. 401(a), as amended; (f) A plan under Internal Revenue Code Section 457(b), 26 U.S.C. sec. 457(b), as amended; and (g) A nonqualified deferred compensation plan under Internal Revenue Code Section 409A, 26 U.S.C. sec. 409A, as amended. 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: (a) Select the form and timing of payments under a retirement plan and withdraw benefits from a plan; (b) Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one (1) retirement plan to another; (c) Establish a retirement plan in the principal’s name; (d) Make contributions to a retirement plan; (e) Exercise investment powers available under a retirement plan; and (f) Borrow from, sell assets to, or purchase assets from a retirement plan. Effective: July 15, 2020 History: Created 2020 Ky. Acts ch. 41, sec. 57, effective July 15, 2020.
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