Oklahoma Administrative Code › Title 590 - Oklahoma Public Employees Retirement System › Chapter 10 - Public Employees Retirement System › Subchapter 1 - General Provisions › Section 590:10-1-3 - Authorized member signature

Current through Vol. 41, No. 20, July 1, 2024
(a) A
				signature other than that of the member, joint annuitant or beneficiary will
				not be accepted on System forms, applications or requests for confidential
				information unless the individual signing presents a power of attorney, papers
				of guardianship or conservatorship, or a legal court order. No person may act
				on behalf of the member, joint annuitant or beneficiary including a spouse or
				parent, except as provided herein.
(b) The System will accept documents signed
				by an authorized attorney-in-fact, pursuant to a durable or statutory power of
				attorney. The power of attorney must be in substantial compliance with Oklahoma
				law and/or the Oklahoma Uniform Durable Power of Attorney Act, must contain the
				statutorily prescribed language and/or witnesses and must be filed with and
				approved at the sole discretion of the System. The member, joint annuitant or
				beneficiary will retain the right to act regarding his or her retirement
				account. Any conflict in direction or instruction between the member, joint
				annuitant or beneficiary and the attorney-in-fact shall be resolved in favor of
				the member, joint annuitant or beneficiary. The right to act under a durable or
				statutory power of attorney terminates at the death of the principal.
(c) If a guardian or conservator has been
				appointed for a member, joint annuitant or beneficiary by a court of proper
				jurisdiction, only the named guardian or conservator can act on behalf of the
				member, joint annuitant or beneficiary. A certified copy of the filed court
				order of appointment must be filed with the System and will be effective until
				amended or withdrawn by subsequent court order. The guardian or conservator
				shall have exclusive authority to act on behalf of the member, joint annuitant
				or beneficiary unless the court instructs otherwise.
(d) Any person authorized to act on behalf of
				the member, joint annuitant or beneficiary as provided herein is prohibited
				from self-dealing relating to the benefit, account or funds of said member,
				joint annuitant or beneficiary. For purposes of this rule, self-dealing
				consists of any change or action which alters a previous instruction or
				document or makes an election or selection, either of which would result in a
				benefit or pecuniary interest to said attorney-in-fact, guardian, conservator,
				custodian or trustee or to the spouse or children of said attorney-in-fact,
				guardian, conservator, custodian or trustee absent a court order specifically
				permitting or approving such self-dealing issued by a court of proper
				jurisdiction. For illustrative purposes, an attorney-in-fact, operating under a
				durable power of attorney is prohibited from changing the member's beneficiary
				designation to him or her self and/or prohibited from naming his or her spouse
				as the joint annuitant under a retirement option.
(e) In the event that a named joint annuitant
				or beneficiary is a minor, the System will accept documents signed by a
				guardian appointed for the minor by a court of proper jurisdiction. If the
				property belonging to the minor is $10,000 or less, the System will accept
				documents signed by an authorized parent, relative or custodian pursuant to the
				Oklahoma Uniform Transfers to Minors Act. The parent, relative or custodian
				must provide all required forms and documentation for approval at the sole
				discretion of the System.
(f) This
				rule is applicable to any plan or account managed or administered by the
				Board.
Amended at 21 Ok Reg
				  1759, eff 6-11-04