Iowa Code r. 495-20.1 - Recognition of agents
(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relationship rescinded by the member or beneficiary by notifying IPERS in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.
Notes
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