NY Gen Oblig L § 5-1502L (2021)
2021 New York Laws GOB - General Obligations Article 5 - Creation, Definition and Enforcement of Contractual Obligations Title 15 - Statutory Short Form and Other Powers of Attorney for Financial and Estate Planning 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; and8.  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.