North Carolina General Statutes 32C-2-215. Retirement plans
(a) 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:
(1) An individual retirement account under section 408 of the Internal Revenue Code.
Terms Used In North Carolina General Statutes 32C-2-215
- 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 any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
(2) A Roth individual retirement account under section 408A of the Internal Revenue Code.
(3) A deemed individual retirement account under section 408(q) of the Internal Revenue Code.
(4) An annuity or mutual fund custodial account under section 403(b) of the Internal Revenue Code.
(5) A pension, profit sharing, stock bonus, or other retirement plan qualified under section 401(a) of the Internal Revenue Code.
(6) A plan under sections 457(b) and (f) of the Internal Revenue Code.
(7) A nonqualified deferred compensation plan under section 409A of the Internal Revenue Code.
(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 do all of the following:
(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.
(6) Borrow from, sell assets to, or purchase assets from a retirement plan. (2017-153, s. 1.)