N.Y. General Obligations Law § 5-1502l: Construction--retirement benefit transactions

§ 5-1502L. Construction--retirement benefit transactions. In a

statutory short form power of attorney, the language conferring general

authority with respect to "retirement benefit transactions" must be

construed to mean that the principal authorizes the agent:

1. To contribute to, withdraw from and deposit funds in any type of

retirement benefit or plan (including, but not limited to, any tax

qualified or nonqualified pension, profit sharing, stock bonus, employee

savings and retirement plan, deferred compensation plan, individual

retirement account, or any public pension fund or retirement system);

2. To make investment directions, to select and change payment

options, and to exercise any other election for the principal with

regard to any retirement benefit or plan in which the principal has an

interest, provided, however, that the authority granted hereby shall not

include the authority to add, delete, or otherwise change the

designation of beneficiaries in effect for any such retirement benefit

or plan, unless the authority to make such additions, deletions or

changes is expressly stated otherwise in the "Modifications" section of

a statutory short form power of attorney or in a non-statutory power of

attorney signed and dated by the principal with the signature of the

principal duly acknowledged in the manner prescribed for the

acknowledgment of a conveyance of real property, and which is executed

pursuant to the requirements of section 5-1501B of this title;

3. To make rollover contributions from any retirement benefit or plan

to other retirement benefits or plans;

4. To prepare, execute and deliver any application, agreement, trust

agreement, authorization, check or other instrument or document which

may be required under the terms of any retirement benefit or plan in

which the principal has an interest or by the administrator thereof, or

which the agent deems useful for the accomplishment of any of the

purposes enumerated in this section;

5. To represent the principal in any matter or thing relating to any

interest that the principal has or may become entitled to under any

retirement benefit or plan;

6. To prosecute, defend, submit to alternative dispute resolution,

settle, and propose or accept a compromise with respect to any claim

existing in favor of, or against, the principal based upon or involving

any retirement benefit or plan and to intervene in any action or

proceeding relating thereto;

7. To hire, discharge, and compensate any attorney, accountant, expert

witness or other assistant or assistants when the agent deems such

action to be desirable for the proper execution by the agent of the

powers described in this section or for the keeping of required records

thereof; and

8. In general, and in addition to all the specific acts in this

section enumerated, to do any other act or acts, which the principal can

do through an agent, with respect to any retirement benefit or plan

maintained by the principal or in which the principal has an interest or

may thereafter have an interest.

All powers described in this section 5-1502L of the general

obligations law shall be exercisable with respect to any retirement

benefit or plan in which the principal has any interest, whether in the

state of New York or elsewhere.

The powers explicitly authorized in the provisions of this section

5-1502L of the general obligations law shall not be construed to

diminish any like powers authorized in any other section of title 15 of

article 5 of the general obligations law. Accordingly, such powers as

are authorized in any other section of title 15 of article 5 of the

general obligations law shall be construed as if the provisions of this

section do not exist.