Louisiana Revised Statutes 9:3881 – Retirement plan transactions; powers granted
Terms Used In Louisiana Revised Statutes 9:3881
- 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
- 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
In a military power of attorney, the language granting power with respect to retirement plan transactions empowers the agent to do all of the following:
(1) Select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals.
(2) Designate beneficiaries under those plans and change existing designations.
(3) Make voluntary contributions to those plans.
(4) Exercise the investment powers available under any self-directed retirement plan.
(5) Make rollovers of plan benefits into other retirement plans.
(6) If authorized by the plan, borrow from, sell assets to, and purchase assets from the plan.
(7) Waive the right of the principal to be a beneficiary of a joint or survivor annuity if the principal is a spouse who is not employed.
Acts 1991 1st E.S., No. 5, §1, eff. April 17, 1991; Acts 1995, No. 1131, §1.