Okla. Admin. Code § 590:10-1-3

Current through Vol. 42, No. 4, November 1, 2024

Section 590:10-1-3 - Authorized member signature

(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copy of the filed court order of appointment must be filed with the System and will be effective until amended or withdrawn by subsequent court order.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.

Okla. Admin. Code § 590:10-1-3

Amended at 21 Ok Reg 1759, eff 6-11-04