Iowa Code 633B.215 – Retirement plans
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Iowa Code 633B.215
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
633B.215 Retirement plans.
1. 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 in which the principal is a participant, beneficiary, or owner, including but not limited to a plan or account under the following sections of the Internal Revenue Code:
a. An individual retirement account in accordance with section 408.
b. A Roth individual retirement account established under section 408A.
c. A deemed individual retirement account under section 408(q).
d. An annuity or mutual fund custodial account under section 403(b).
e. A pension, profit-sharing, stock bonus, or other retirement plan qualified under section
401(a).
f. An eligible deferred compensation plan under section 457(b).
g. A nonqualified deferred compensation plan under section 409A.
2. 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:
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 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.
f. Borrow from, sell assets to, or purchase assets from a retirement plan.
2014 Acts, ch 1078, §40
Referred to in §633B.201, 633B.202, 633B.203
1. 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 in which the principal is a participant, beneficiary, or owner, including but not limited to a plan or account under the following sections of the Internal Revenue Code:
a. An individual retirement account in accordance with section 408.
b. A Roth individual retirement account established under section 408A.
c. A deemed individual retirement account under section 408(q).
d. An annuity or mutual fund custodial account under section 403(b).
e. A pension, profit-sharing, stock bonus, or other retirement plan qualified under section
401(a).
f. An eligible deferred compensation plan under section 457(b).
g. A nonqualified deferred compensation plan under section 409A.
2. 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:
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 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.
f. Borrow from, sell assets to, or purchase assets from a retirement plan.
2014 Acts, ch 1078, §40
Referred to in §633B.201, 633B.202, 633B.203