145-1-63 Guardianship and power of attorney.

 

 

 

145-1-63                      Guardianship and power of attorney.

 

 

 

(A)    For the purpose of this rule, "recipient" means a member, contributor, retirant, or beneficiary as provided in Chapter 145. of the Revised Code.

 

(B)   Unless expressly authorized by the language in a power of attorney or in division (F) of this rule, guardianship of the estate shall be required and the guardian shall obtain a court order approving a an initial plan selection under section 145.19 of the Revised Code, change of retirement plan, selection of a plan of payment, designation of a beneficiary, or application for and receipt of a refund if the recipient is eighteen years of age or older and suffers from a legal disability as defined in division (B), (C), or (D) of section 2131.02 of the Revised Code.

 

(C)  Except as provided in division (F) of this rule, guardianship of estate shall be required for receipt of a survivor benefit or refund if the recipient is a beneficiary and is under eighteen years of age. If applying for a refund, the guardian shall also obtain a court order approving the guardian's application and receipt of payment on behalf of the beneficiary.

 

(D)  An attorney in fact granted general power with respect to retirement plan transactions is permitted to do the following:

 

(1)  Authorize the release of account information;

 

(2)   Provide and update bank account information for direct deposit of a recipient's benefits;

 

(3)   Update the address of a recipient;

 

(4)   Receive correspondence on behalf of a recipient;

 

(5)   Make additional deposits and purchase service credit;

 

(6)   Make an initial plan selection under section 145.19 of the Revised Code;

 

(7)    Direct the OPERS investment options for participants in the combined and member-directed plans;

 

(8)     Select a plan of payment and designate a beneficiary(ies) one or more beneficiaries under section 145.384, 145.46, or 145.64 of the Revised Code, section 9.02 or 9.03 of the combined plan document, or section 9.02 of the member-directed plan document, or rule 145-1-76 of the Administrative Code

 

 

 

that meets the minimum requirements of a court order issued under section

3105.171 or 3105.65 of the Revised Code or the laws of another state regarding the division of marital property that requires the member or contributor to elect the plan of payment under which a portion of the member's or contributor's benefit continues, after the death of the member or contributor, to the member's or contributor's former spouse.

(E)    If expressly authorized by the language in a power of attorney, an attorney in fact may do any of the following:

(1)   Elect or change a retirement allowance plan of payment under section 145.384, 145.46, or 145.64 of the Revised Code, section 9.02 or 9.03 of the combined plan document, section 9.02 of the member-directed plan document, or rule 145-1-76 of the Administrative Code, other than a joint and survivor annuity leaving one-half to the spouse if the member is married, a single life annuity if the member is single, or any plan that includes a partial lump sum option payment;

(2)   Elect to participate in a different defined contribution plan or the PERS defined benefit plan, as provided under section 145.814 of the Revised Code;

(3)    Apply for and receive a refund of a member's accumulated contributions and any applicable amounts pursuant to section 145.40 of the Revised Code or article VIII of the member-directed or combined plan document;

(4)   Designate a beneficiary under section 145.384, 145.43, or 145.64 of the Revised Code.

(F)    Notwithstanding paragraphs (B), (C), and (D) of this rule, power of attorney and guardianship of estate shall not be required if:

(1)   The lump sum amount payable to a recipient, regardless of the recipient's legal disability or age and when the recipient who is in the care of the recipient's parent, that does not exceed ten thousand dollars per recipient

(2)   The annual amount payable to a recipient under eighteen who is in the care of the recipient's parent will not exceed five thousand dollars per recipient.

(3)   A court of competent jurisdiction has issued a limited order pursuant to section 2111.02, 2111.021, 2111.05 or 2111.131 of the Revised Code or a comparable non-Ohio statute that directs the retirement system to issue a recipient's payment to a specific person or entity and specifies the address and

direct deposit routing and account numbers for the financial institution to receive such payment.

(4)   The recipient is a member who is eligible to receive a refund pursuant to section

145.40 of the Revised Code or article VIII of the member-directed or combined plan document and is under eighteen years of age and otherwise competent.

(G)    The retirement system shall accept the direction of the guardian of the estate or attorney in fact until such time as the retirement system receives a copy of the court order terminating the guardianship or the written instrument signed by the principal that revokes the authority granted to the attorney in fact.

Effective:	12/30/2007
R.C. 119.032 review dates:	09/29/2010
CERTIFIED ELECTRONICALLY
Certification
12/20/2007
Date
Promulgated Under:	111.15
Statutory Authority:	145.09
Rule Amplifies:	145.32, 145.35, 145.36, 145.361, 145.384, 145.40,
Prior Effective Dates:	145.43, 145.45, 145.46, 145.64. 4/6/07 (Emer.); 1/1/07; 1/1/06; 12/24/04; 1/1/03; 5/29/95; 8/31/92; 1/1/90; 12/9/88; 9/27/85; 10/17/73.