North Carolina § 32C-2-215 - Retirement plans.

§ 32C-2-215. Retirement plans.

In this 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 the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code: An individual retirement account under section 408 of the Internal Revenue Code. A Roth individual retirement account under section 408A of the Internal Revenue Code. A deemed individual retirement account under section 408(q) of the Internal Revenue Code. An annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code. A pension, profit sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code. A plan under sections 457(b) and (f) of the Internal Revenue Code. A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code. 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 do all of the following: Select the form and timing of payments under a retirement plan and withdraw benefits from a plan. Make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another. Establish a retirement plan in the principal's name. Make contributions to a retirement plan. Exercise investment powers available under a retirement plan. Borrow from, sell assets to, or purchase assets from a retirement plan. History (2017-153, s. 1.)