New Jersey Administrative Code › Title 17 - TREASURY - GENERAL › Chapter 1 - GENERAL ADMINISTRATION › Subchapter 1 - ADMINISTRATIVE PRACTICES › Section 17:1-1.7 - Endorsements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In cases where
				incapacity prevents a complete personal endorsement, but the member or
				beneficiary is able to make his or her mark, this is acceptable providing the
				signature of two witnesses appear on the check. Such witnesses' signatures and
				the member's mark must be registered with the Division on a signature card. In
				addition, a doctor's certificate shall be filed with the Division indicating
				that the member or beneficiary is physically but not mentally incapable of
				endorsing the check.
(b) In cases
				where a member or beneficiary is mentally or physically incompetent, the
				appointment of a legal guardian, conservator or committee will be required. The
				Division must be supplied with a copy of the legal document and the guardian's
				signature must be registered with the Division on a signature card. In cases
				where an incompetent retired member or beneficiary is confined to a State
				institution in New Jersey in lieu of guardianship, his or her retirement
				allowance may be continued upon court order directing the retirement system to
				make payment to the chief administrative officer for the use and care of said
				member or beneficiary during the period of confinement.
(c) Under certain conditions, the Division
				will honor an agreement executed between a retiree or beneficiary and a bank,
				savings and loan association, insured Federal credit union or insured State
				chartered credit union, with such institution assuming full responsibility for
				the receipt and collection of the pension checks in the absence of the personal
				endorsement of the retiree or beneficiary. The agreement must be consummated on
				the appropriate approved form which will be provided for this purpose by the
				retirement system. The agreement cannot be executed where a retiree or
				beneficiary is mentally or physically incompetent, or where the allowance will
				be deposited in an account other than the retiree's personal account.
(d) A person holding a power of attorney will
				be permitted to endorse a check payable to such person as attorney for the
				retiree or beneficiary. A power of attorney form will specify the authority of
				the person to endorse a check issued to the retiree or beneficiary.
(e) Retirees and beneficiaries may
				periodically be requested to complete a card, requiring notarization, which
				indicates their social security number, date of birth, and signature; if
				circumstances prevent notarization, two witnesses may be accepted in lieu of
				notarization. In the event the Division does not receive the notarized
				signature card within 45 days, a final request will be sent to the retiree or
				beneficiary, advising him or her that if it is not returned within 30 days, the
				monthly benefits will be suspended until a personally endorsed, notarized card
				has been received.
(f) When an
				individual holding a power of attorney specifying the authority of the person
				to endorse a check and acting on behalf of a member makes application for a
				retirement allowance, the power of attorney may choose any option available and
				may designate the individual to receive a monthly retirement allowance under
				the options that provide for a survivor's benefit.
(g) An individual holding a power of attorney
				and acting on behalf of a member shall designate the member's estate as the
				beneficiary for all life insurance benefits and any other benefits payable,
				which are not covered by (f) above, on the member's account unless the power of
				attorney form specifically grants the individual the right to designate others
				as beneficiaries or specifically grants them the right to name
				themselves.