Iowa Administrative Code › Agency 495 - Iowa Public Employees' Retirement System › Chapter 20 - Recognition of Agents › Rule 495-20.1 - Recognition of Agents

Current through Register Vol. 47, No. 3, July 24, 2024
(1)
Recognition of agents in general.
When a member or beneficiary
			 desires to be represented by an agent before the system, the member or
			 beneficiary shall designate in writing, using a power of attorney form or other
			 acceptable legal form, the name of a representative and the nature of the
			 business the representative is authorized to transact. Other acceptable legal
			 form can be a guardianship, conservatorship, other similar court order that
			 appoints an agent to act upon behalf of a member or beneficiary, or social
			 security representative payee documents for the individual so designated. An
			 agent can be an institution or facility acting upon the member's or
			 beneficiary's behalf. Such designation on the part of the member or beneficiary
			 shall constitute for IPERS sufficient proof of the acceptability of the
			 individual to serve as the member's or beneficiary's agent.
(2)
Payment to members or
			 beneficiaries with a recognized agent.
When it appears that the
			 interest of a member or beneficiary would be served, IPERS may recognize an
			 agent to represent the member or beneficiary in the transaction of the affairs
			 with IPERS. Such agents have all the rights and obligations of the member or
			 beneficiary unless the document creating the agency relationship limits this
			 authority as it pertains to the system. Notwithstanding the foregoing, no agent
			 shall have the right to name the agent as the member's or beneficiary's
			 beneficiary unless approved to do so by a court having jurisdiction of the
			 matter, or unless expressly authorized to do so in a power of attorney executed
			 by the member or beneficiary.
(3)
Revocation or suspension of power of attorney.
Any person
			 serving as an agent by power of attorney under this rule can have the agency
			 relationship rescinded by the member or beneficiary by notifying IPERS in
			 writing. A power of attorney shall be suspended and given no effect when the
			 system receives written proof of the appointment of a guardian, conservator, or
			 court order that appoints an agent to act upon behalf of the member or
			 beneficiary. The power of attorney shall be reinstated when the system receives
			 written proof that a guardianship, conservatorship, or court order appointing
			 an agent no longer exists, has expired, or is invalid.
(4)
Revocation of other
			 representative agents.
Any person, institution, or facility serving as
			 an agent under a guardianship or conservatorship may not have its agency
			 relationship revoked unless by court order.
(5)
Social security representative
			 payees.
The system shall accept the federal social security
			 administration's appointment of a person, facility, or institution to act upon
			 a member's or beneficiary's behalf only with regard to the deposit of system
			 benefits. The appointment of a person, facility, or institution by the federal
			 social security administration shall be suspended and given no effect when the
			 system receives written proof of the appointment of a guardian, conservator, or
			 court order that appoints an agent to act upon behalf of the member or
			 beneficiary. A power of attorney or court order will take precedence over the
			 federal social security administration's appointment of a person, facility, or
			 institution to act upon a member's or beneficiary's behalf.
(6)
Agent standards.
A
			 person, facility, or institution serving in the capacity of an agent shall act
			 in the best interests of the member or beneficiary. Payments made to the agent
			 on behalf of the member or beneficiary will be used for the direct benefit of
			 the member or beneficiary. The failure to serve in the best interests of the
			 member or beneficiary will cause discontinuance of the agency relationship and
			 may serve as the basis for legal action by IPERS, the member, or the
			 beneficiary.