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WEST VIRGINIA CODE
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WVC 39 B- 2 - 115 §39B-2-115. Retirement plans.

     (a) 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:

     (1) An individual retirement account under Internal Revenue Code, 26 U. S. C. §408;

     (2) A Roth individual retirement account under Internal Revenue Code, 26 U. S. C. §408A;

     (3) A deemed individual retirement account under Internal Revenue Code, 26 U. S. C. §408(q);

     (4) An annuity or mutual fund custodial account under Internal Revenue Code, 26 U. S. C. §403(b);

     (5) A pension, profit-sharing, stock bonus or other retirement plan qualified under Internal Revenue Code, 26 U. S. C. §401(a);

     (6) A plan under Internal Revenue Code, 26 U. S. C. §457(b); and

     (7) A nonqualified deferred compensation plan under Internal Revenue Code, 26 U. S. C. §409A.

     (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:

     (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; and

     (6) Borrow from, sell assets to or purchase assets from a retirement plan. Note: WV Code updated with legislation passed through the 2014 1st Special Session
The WV Code Online is an unofficial copy of the annotated WV Code, provided as a convenience. It has NOT been edited for publication, and is not in any way official or authoritative.

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