2016 New York Laws
GOB - General Obligations
Article 5 - CREATION, DEFINITION AND ENFORCEMENT OF CONTRACTUAL OBLIGATIONS
Title 15 - (5-1501 - 5-1514) STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY FOR FINANCIAL AND ESTATE PLANNING
5-1502L - Construction--retirement benefit transactions.

   5-1502L.   Construction--retirement  benefit  transactions.  In  a
  statutory short form power of attorney, the language conferring  general
  authority  with  respect  to  "retirement  benefit transactions" must be
  construed to mean that the principal authorizes the agent:
1. To contribute to, withdraw from and deposit funds in  any  type  of
  retirement  benefit  or  plan  (including,  but  not limited to, any tax
  qualified or nonqualified pension, profit sharing, stock bonus, employee
  savings and retirement  plan,  deferred  compensation  plan,  individual
  retirement account, or any public pension fund or retirement system);
2.  To  make  investment  directions,  to  select  and  change payment
  options, and to exercise any  other  election  for  the  principal  with
  regard  to  any retirement benefit or plan in which the principal has an
  interest, provided, however, that the authority granted hereby shall not
  include  the  authority  to  add,  delete,  or  otherwise   change   the
  designation  of  beneficiaries in effect for any such retirement benefit
  or plan, unless the authority  to  make  such  additions,  deletions  or
  changes is conveyed in a statutory gifts rider to a statutory short form
  power  of  attorney  or  in a non-statutory power of attorney signed and
  dated by  the  principal  with  the  signature  of  the  principal  duly
  acknowledged  in  the  manner  prescribed  for  the  acknowledgment of a
  conveyance of real property, and  which  is  executed  pursuant  to  the
  requirements  of  paragraph (b) of subdivision nine of section 5-1514 of
  this title;
3. To make rollover contributions from any retirement benefit or  plan
  to other retirement benefits or plans;
4.  To  prepare, execute and deliver any application, agreement, trust
  agreement unless such trust agreement is a gift transaction governed  by
  section  5-1514  of this title, authorization, check or other instrument
  or document which may be required under  the  terms  of  any  retirement
  benefit  or  plan  in  which  the  principal  has  an interest or by the
  administrator  thereof,  or  which  the  agent  deems  useful  for   the
  accomplishment of any of the purposes enumerated in this section;
5.  To  represent the principal in any matter or thing relating to any
  interest that the principal has or may  become  entitled  to  under  any
  retirement benefit or plan;
6.  To  prosecute,  defend,  submit to alternative dispute resolution,
  settle, and propose or accept a compromise with  respect  to  any  claim
  existing  in favor of, or against, the principal based upon or involving
  any retirement benefit or  plan  and  to  intervene  in  any  action  or
  proceeding relating thereto;
7. To hire, discharge, and compensate any attorney, accountant, expert
  witness  or  other  assistant  or  assistants  when the agent deems such
  action to be desirable for the proper execution  by  the  agent  of  the
  powers  described in this section or for the keeping of required records
  thereof; and
8. In general, and in addition  to  all  the  specific  acts  in  this
  section enumerated, to do any other act or acts, which the principal can
  do  through  an  agent,  with  respect to any retirement benefit or plan
  maintained by the principal or in which the principal has an interest or
  may thereafter have an interest.
All  powers  described  in  this  section  5-1502L  of   the   general
  obligations  law  shall  be  exercisable  with respect to any retirement
  benefit or plan in which the principal has any interest, whether in  the
  state of New York or elsewhere.
The  powers  explicitly  authorized  in the provisions of this section
  5-1502L of the  general  obligations  law  shall  not  be  construed  to
  diminish  any like powers authorized in any other section of title 15 of
  article 5 of the general obligations law. Accordingly,  such  powers  as

  are  authorized  in  any  other  section of title 15 of article 5 of the
  general obligations law shall be construed as if the provisions of  this
  section do not exist.