N.J. Admin. Code § 17:1-1.7

Current through Register Vol. 56, No. 21, November 4, 2024

Section 17:1-1.7 - Endorsements

(a) In cases where incapacity prevents a complete personal endorsement, but the member or beneficiary is able to make his or her mark, this is acceptable providing the signature of two witnesses appear on the check. Such witnesses' signatures and the member's mark must be registered with the Division on a signature card. In addition, a doctor's certificate shall be filed with the Division indicating that the member or beneficiary is physically but not mentally incapable of endorsing the check.

(b) In cases where a member or beneficiary is mentally or physically incompetent, the appointment of a legal guardian, conservator or committee will be required. The Division must be supplied with a copy of the legal document and the guardian's signature must be registered with the Division on a signature card. In cases where an incompetent retired member or beneficiary is confined to a State institution in New Jersey in lieu of guardianship, his or her retirement allowance may be continued upon court order directing the retirement system to make payment to the chief administrative officer for the use and care of said member or beneficiary during the period of confinement.

(c) Under certain conditions, the Division will honor an agreement executed between a retiree or beneficiary and a bank, savings and loan association, insured Federal credit union or insured State chartered credit union, with such institution assuming full responsibility for the receipt and collection of the pension checks in the absence of the personal endorsement of the retiree or beneficiary. The agreement must be consummated on the appropriate approved form which will be provided for this purpose by the retirement system. The agreement cannot be executed where a retiree or beneficiary is mentally or physically incompetent, or where the allowance will be deposited in an account other than the retiree's personal account.

(d) A person holding a power of attorney will be permitted to endorse a check payable to such person as attorney for the retiree or beneficiary. A power of attorney form will specify the authority of the person to endorse a check issued to the retiree or beneficiary.

(e) Retirees and beneficiaries may periodically be requested to complete a card, requiring notarization, which indicates their social security number, date of birth, and signature; if circumstances prevent notarization, two witnesses may be accepted in lieu of notarization. In the event the Division does not receive the notarized signature card within 45 days, a final request will be sent to the retiree or beneficiary, advising him or her that if it is not returned within 30 days, the monthly benefits will be suspended until a personally endorsed, notarized card has been received.

(f) When an individual holding a power of attorney specifying the authority of the person to endorse a check and acting on behalf of a member makes application for a retirement allowance, the power of attorney may choose any option available and may designate the individual to receive a monthly retirement allowance under the options that provide for a survivor's benefit.

(g) An individual holding a power of attorney and acting on behalf of a member shall designate the member's estate as the beneficiary for all life insurance benefits and any other benefits payable, which are not covered by (f) above, on the member's account unless the power of attorney form specifically grants the individual the right to designate others as beneficiaries or specifically grants them the right to name themselves.

N.J. Admin. Code § 17:1-1.7

Amended by R.2009 d.25, effective 1/5/2009.
See: 40 N.J.R. 4928(a), 41 N.J.R. 277(a).
In (b), deleted "(under Department of Human Services)" following "New Jersey" and "(N.J.S.A. 30:4-67.1)" following "court order"; in (d), substituted "A" for "However, a" preceding "power" and "will specify the authority of the person to endorse" for "prescribed by the Division must be duly executed and filed with the Division before the attorney's signature will be accepted as a proper endorsement on"; in (f), inserted "specifying the authority of the person to endorse a check"; and in (g), inserted a comma following "payable", and inserted "others as" and "or specifically grants them the right to name themselves".