§ 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; 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.