An agent named in a statutory durable power of attorney may handle retirement plan transactions for the principal, but beneficiary-designation limits apply.
Sec. 752.113. RETIREMENT PLAN TRANSACTIONS. (a) In this section, "retirement plan" means: (1) an employee pension benefit plan as defined by Section 3, Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1002), without regard to the provisions of Section (2)(B) of that section; (2) a plan that does not meet the definition of an employee benefit plan under the Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.) because the plan does not cover common law employees; (3) a plan that is similar to an employee benefit plan under the Employee Retirement Income Security Act of 1974 (29 U.S.C. Section 1001 et seq.), regardless of whether the plan is covered by Title 1 of that Act, including a plan that provides death benefits to the beneficiary of employees; and (4) an individual retirement account or annuity, a self-employed pension plan, or a similar plan or account. (b) The language conferring authority with respect to retirement plan transactions in a statutory durable power of attorney empowers the agent to perform any lawful act the principal may perform with respect to a transaction relating to a retirement plan, including to: (1) apply for service or disability retirement benefits; (2) select payment options under any retirement plan in which the principal participates, including plans for self-employed individuals; (3) designate or change the designation of a beneficiary or benefits payable by a retirement plan, except as provided by Subsection (c); (4) make voluntary contributions to retirement plans if authorized by the plan; (5) exercise the investment powers available under any self-directed retirement plan; (6) make rollovers of plan benefits into other retirement plans; (7) borrow from, sell assets to, and purchase assets from retirement plans if authorized by the plan; (8) waive the principal's right to be a beneficiary of a joint or survivor annuity if the principal is not the participant in the retirement plan; (9) receive, endorse, and cash payments from a retirement plan; (10) waive the principal's right to receive all or a portion of benefits payable by a retirement plan; and (11) request and receive information relating to the principal from retirement plan records. (c) Unless the principal has granted the authority to create or change a beneficiary designation expressly as required by Section 751.031(b)(4), an agent may be named a beneficiary under a retirement plan only to the extent the agent was named a beneficiary by the principal under the retirement plan, or in the case of a rollover or trustee-to-trustee transfer, the predecessor retirement plan. Added by Acts 2011, 82nd Leg., R.S., Ch. 823 (H.B. 2759), Sec. 1.01, eff. January 1, 2014. Amended by: Acts 2017, 85th Leg., R.S., Ch. 834 (H.B. 1974), Sec. 14, eff. September 1, 2017. Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 6.001, eff. September 1, 2019.