Kentucky Statutes 457.380 – Retirement plans
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(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 of which the principal is a participant, beneficiary, or owner, including a plan or account under the following sections of the Internal Revenue Code:
(a) An individual retirement account under Internal Revenue Code Section 408,
26 U.S.C. § 408, as amended;
(b) A Roth individual retirement account under Internal Revenue Code Section
408A, 26 U.S.C. § 408A, as amended;
(c) A deemed individual retirement account under Internal Revenue Code Section
408(q), 26 U.S.C. § 408(q), as amended;
(d) An annuity or mutual fund custodial account under Internal Revenue Code
Section 403(b), 26 U.S.C. § 403(b), as amended;
(e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. § 401(a), as amended;
(f) A plan under Internal Revenue Code Section 457(b), 26 U.S.C. § 457(b), as amended; and
(g) A nonqualified deferred compensation plan under Internal Revenue Code
Section 409A, 26 U.S.C. § 409A, as amended.
(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:
(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 (1) 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; and
(f) Borrow from, sell assets to, or purchase assets from a retirement plan.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 57, effective July 15, 2020.
(a) An individual retirement account under Internal Revenue Code Section 408,
Terms Used In Kentucky Statutes 457.380
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Kentucky Statutes 457.020
- 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
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Power of attorney: means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. See Kentucky Statutes 457.020
- 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
- Principal: means an individual who grants authority to an agent in a power of attorney. See Kentucky Statutes 457.020
26 U.S.C. § 408, as amended;
(b) A Roth individual retirement account under Internal Revenue Code Section
408A, 26 U.S.C. § 408A, as amended;
(c) A deemed individual retirement account under Internal Revenue Code Section
408(q), 26 U.S.C. § 408(q), as amended;
(d) An annuity or mutual fund custodial account under Internal Revenue Code
Section 403(b), 26 U.S.C. § 403(b), as amended;
(e) A pension, profit-sharing, stock bonus, or other retirement plan qualified under Internal Revenue Code Section 401(a), 26 U.S.C. § 401(a), as amended;
(f) A plan under Internal Revenue Code Section 457(b), 26 U.S.C. § 457(b), as amended; and
(g) A nonqualified deferred compensation plan under Internal Revenue Code
Section 409A, 26 U.S.C. § 409A, as amended.
(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:
(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 (1) 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; and
(f) Borrow from, sell assets to, or purchase assets from a retirement plan.
Effective: July 15, 2020
History: Created 2020 Ky. Acts ch. 41, sec. 57, effective July 15, 2020.