Section 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  conveyed  in  a  statutory major gifts rider to 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 paragraph (b) of subdivision nine of section  5-1514  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,
  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 arbitration, 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.