§ 21-2115. Construction of power relating to retirement plan transactions.

Current through October 23, 2012

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) Designate beneficiaries under those plans and change existing designations;

(3) Make voluntary contributions to those plans;

(4) Exercise the investment powers available under any self-directed retirement plan;

(5) Make "rollovers" of plan benefits into other retirement plans;

(6) If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan; and

(7) 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.

                
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(Sept. 18, 1998, D.C. Law 12-147, § 2, 45 DCR 3853.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications

1981 Ed., § 21-2115.

Legislative History of Laws

For legislative history of D.C. Law 12-147, see Historical and Statutory Notes following § 21-2101.

Uniform Law

This section is based upon § 15 of the Uniform Statutory Form Power of Attorney Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.