New Mexico § 45-5B-215 - Retirement plans

§ 45-5B-215. Retirement plans

A. As used 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: (1) an individual retirement account under Section 408 of the Internal Revenue Code of 1986 , as amended; (2) a Roth individual retirement account under Section 408A of the Internal Revenue Code of 1986 , as amended; (3) a deemed individual retirement account under Section 408(q) of the Internal Revenue Code of 1986 , as amended; (4) an annuity or mutual fund custodial account under Section 403(b) of the Internal Revenue Code of 1986 , as amended; (5) a pension, profit-sharing, stock bonus or other retirement plan qualified under Section 401(a) of the Internal Revenue Code of 1986 , as amended; (6) a plan under Section 457(b) of the Internal Revenue Code of 1986 , as amended; and (7) a nonqualified deferred compensation plan under Section 409A of the Internal Revenue Code of 1986 , as amended. B. 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: (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.