Or. Admin. Code § 459-005-0110 - Fiduciary Document Requirements

(1) No person may act as a member's fiduciary with respect to PERS matters unless the Fiduciary Document naming or appointing such person(s) meets the requirements set forth in this rule.

(2) The Fiduciary Document shall be in written form and may be either on forms furnished by PERS or in a format approved by PERS. The Fiduciary Document shall contain express language appointing the member's fiduciary as guardian or conservator or otherwise to act on behalf of the member either with respect to the member's financial matters generally or with respect to the member's PERS benefits specifically.

(3) At a minimum, the Fiduciary Document must contain:

(a) The signature of the member or other authority appointing or designating the member's fiduciary.

(b) The signature and address of the member's fiduciary. This requirement can also be satisfied if the Fiduciary Document is accompanied by another document containing the signature and address of the member's fiduciary.

(4) A Fiduciary Document must be received by PERS before the member's fiduciary will be allowed to conduct any transactions on behalf of the member and must otherwise meet the requirements set forth in OAR 459-005-0110 or 459-005-0130, as applicable.

(5) If a Fiduciary Document was executed by the member over ten years prior to the date such document is filed with PERS, and there is a request to take any action by the member's fiduciary, the document will be effective with respect to PERS only if the member's fiduciary certifies to PERS, in a form which PERS in its sole discretion deems satisfactory, the continued validity of the fiduciary document.

(6) If more than one individual is named or appointed in a Fiduciary Document as the member's fiduciary, the document must stipulate whether the individuals must act together or may act separately.

Notes

Or. Admin. Code § 459-005-0110

PERS 7-1996, f. & cert. ef. 11-12-96; PERS 4-1999, f. & cert. ef. 10-11-99; PERS 6-2007, f. & cert. ef. 2-21-07

Stat. Auth.: ORS 238.650

Stats. Implemented: ORS 238.005 - 238.715