{"data":{"id":"us-nm/45-5b-215","jurisdiction":"us-nm","citation":"45-5B-215","heading":"Retirement plans.","body":"A. As used 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:\n(1) an individual retirement account under Section 408 of the Internal Revenue Code of 1986, as amended;\n(2) a Roth individual retirement account under Section 408A of the Internal Revenue Code of 1986, as amended;\n(3) a deemed individual retirement account under Section 408(q) of the Internal Revenue Code of 1986, as amended;\n(4) an annuity or mutual fund custodial account under Section 403(b) of the Internal Revenue Code of 1986, as amended;\n(5) a pension, profit-sharing, stock bonus or other retirement plan qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended;\n(6) a plan under Section 457(b) of the Internal Revenue Code of 1986, as amended; and\n(7) a nonqualified deferred compensation plan under Section 409A of the Internal Revenue Code of 1986, as amended.\nB. 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:\n(1) select the form and timing of payments under a retirement plan and withdraw benefits from a plan;\n(2) make a rollover, including a direct trustee-to-trustee rollover, of benefits from one retirement plan to another;\n(3) establish a retirement plan in the principal's name;\n(4) make contributions to a retirement plan;\n(5) exercise investment powers available under a retirement plan; and\n(6) borrow from, sell assets to or purchase assets from a retirement plan.","path":["Chapter 45 - Uniform Probate Code","ARTICLE 5B Uniform Power of Attorney"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18546/index.do","current_through":"2024-09-06","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"5530a60f07ec09418c68f01440bdf54989954f89799ce9282d2b81188572da04","source_id":"us-nm","stale":false,"prev":"us-nm/45-5b-214","next":"us-nm/45-5b-216"},"notice":"GroundRules: Original legal text. Not legal advice."}