Or. Admin. Code § 459-050-0310

Current through Register Vol. 63, No. 10, October 1, 2024

Section 459-050-0310 - Power of Attorney

(1) Definitions. The following definitions apply for the purposes of this rule:

(a) "Power of Attorney Document" means a written document expressly granting legal authority to another named individual(s) or agent(s) to act on behalf of and to manage some or all financial matters in the name of the individual creating the power of attorney under the terms and conditions set forth in the document.

(b) "Attorney-in-Fact" means one or more named individuals appointed by another individual in a Power of Attorney Document to act on his or her behalf under the terms and conditions set forth in the Power of Attorney Document.

(c) "Alternate Attorney-in-Fact" means a named individual appointed to serve as an Attorney-in-Fact, under certain terms and conditions set forth in the Power of Attorney Document, in the event another individual also appointed as Attorney-in-Fact is unable or unwilling to perform as Attorney-in-Fact in the first instance.

(d) "Substitute Attorney-in-Fact" means a named individual appointed by an Attorney-in-Fact under authority contained in the Power of Attorney Document to serve in place of the Attorney-in-Fact.

(e) "Agent" means a person or entity entrusted with another's business and acting under a power of attorney.

(f) "Principal" means the person who expressly grants, in writing, certain powers of attorney to another individual. For purposes of the Deferred Compensation Program a principal may be:

(A) A Deferred Compensation Plan participant;

(B) The beneficiary of a deceased Deferred Compensation Plan participant; or

(C) The alternate payee under a domestic relations order that satisfies the requirements of ORS 243.507 and OAR 459-050-0200 to 459-050-0250.

(2) Designation of Power of Attorney. No person may act as an Attorney-in-Fact, or an agent by a power of attorney, for a participant, alternate payee, or beneficiary with respect to Deferred Compensation Program matters unless the Power of Attorney Document appointing such person(s) or agent(s) meets the following requirements:

(a) The Power of Attorney Document shall be in written form in a format approved by the Deferred Compensation Program. The Power of Attorney Document shall contain express language:

(A) Granting the principal's power of attorney with respect to the principal's financial matters generally to a named individual(s) or agent(s); or

(B) Granting the principal's power of attorney with respect to the principal's Deferred Compensation account to a named individual(s) or agents(s).

(b) A principal may designate more than one Attorney-in-Fact in the Power of Attorney Document. If more than one individual is appointed Attorney-in-Fact, the document shall stipulate whether the individuals may act separately, or whether and how they must act collectively.

(c) A principal may designate an Alternate Attorney-in-Fact in the Power of Attorney Document. The individual(s) who is to serve as Alternate Attorney-in-Fact must be expressly named in the document and the circumstances under which the Alternate Attorney-in-Fact may act must be expressly stated. The Deferred Compensation Program may rely upon an affidavit submitted by an Alternate Attorney-in-Fact as conclusive proof of the existence of the circumstance that authorizes the Alternate Attorney-in-Fact to act.

(d) Every document granting a power of attorney must contain:

(A) The principal's notarized signature subject to the following requirements:

(i) Notary information must appear on the same page as the principal's signature; or

(ii) Notary information must clearly be an integral part of the document granting power of attorney.

(B) The signature and address of the Attorney-in-Fact and the Alternate Attorney-in-Fact, if any, or an agent. The requirement of this paragraph will also be satisfied if the power of attorney document is accompanied by an example signature and address of the Attorney-in-Fact, and any Alternate Attorney-in-Fact, or an agent, as a separate attachment.

(e) A photocopy of a complete Power of Attorney Document may be filed with the Deferred Compensation Program, if the document and applicable notary information are clearly legible. The Deferred Compensation Program may accept original documents, and shall not be responsible for the safekeeping or return of any original document.

(3) Effective Date of Power of Attorney. A document that grants or revokes a power of attorney will be effective as to Deferred Compensation Program matters upon receipt by the Deferred Compensation Program, if the document satisfies the requirements set forth in this rule. If the document does not satisfy the requirements of this rule, Deferred Compensation Program staff will attempt to notify the principal or Attorney-in-Fact within 30 calendar days after receipt of a document that grants or revokes a power of attorney. If staff fails to notify the principal or Attorney-in-Fact that the document does not meet such requirements within the period of time set forth in this section, the document shall nevertheless be inoperative as to Deferred Compensation Program matters.

(4) Revocation of Power of Attorney. A Power of Attorney Document filed with the Deferred Compensation Program shall be revoked upon the occurrence of the earliest of the following events:

(a) A written revocation is filed with the Deferred Compensation Program containing the notarized signature of the principal. The notary information must be on the same page as the signature of the principal or must clearly be a part of the document. A photocopy of the revocation of a power of attorney may be filed with the Deferred Compensation Program if the notary information is clearly legible; or

(b) A Power of Attorney Document that satisfies the requirements of this rule is filed with the Deferred Compensation Program which bears a date that is later than any Power of Attorney Document previously filed with the Deferred Compensation Program; or

(c) The death of the principal.

(5) Permissible Actions Under A Power of Attorney. After receipt by the Deferred Compensation Program of a Power of Attorney Document satisfying the requirements set forth in section (2) of this rule, both the principal and the principal's designated Attorney-in-Fact may execute any document required by the Deferred Compensation Program or perform any Deferred Compensation Program related business that falls within the scope of the powers granted by the principal in the Power of Attorney Document.

(a) Unless otherwise limited in a Power of Attorney Document, the document shall be construed as granting the power:

(A) To designate beneficiaries;

(B) To select manners of distribution;

(C) To choose investment preferences; and

(D) To enroll or discontinue enrollment.

(b) If the power to appoint a substitute Attorney-in-Fact exists under a Power of Attorney Document and is exercised by an Attorney-in-Fact, such appointment must be evidenced by a written document submitted to Deferred Compensation Program containing:

(A) The notarized signature of the Attorney-in-Fact, which notary information must appear on the same page as the Attorney-in Fact's signature or notary information must clearly be a part of the document granting power of attorney;

(B) Words expressly delegating all, or a portion of, the powers held by the Attorney-in-Fact under the Power of Attorney Document to a named individual as the Substitute Attorney-in-Fact; and

(C) The signature and address of the Substitute Attorney-in-Fact.

(c) A Power of Attorney Document submitted to the Deferred Compensation Program that satisfies the requirements of section (2) of this rule shall be conclusive evidence of the intent of the principal to grant a power of attorney in accordance with the express provisions of the submitted Power of Attorney Document.

(A) If the Deferred Compensation Program is required to rely upon a submitted Power of Attorney Document until it is revoked as provided in section (4) of this rule, the Deferred Compensation Program shall not be held liable for actions taken by the Deferred Compensation Program at the request of the designated Attorney-in-Fact, or Substitute Attorney-in-Fact, if applicable, under such unrevoked Power of Attorney Document.

(B) In the event that the Deferred Compensation Program relies upon a submitted Power of Attorney Document after the death of the principal and prior to the Deferred Compensation Program receiving notice of the principal's death, the Deferred Compensation Program shall have no liability for action taken by it at the request of the Attorney-in-Fact or Substitute Attorney-in-Fact after the principal's death and before the Deferred Compensation Program has been notified of the principal's death.

Or. Admin. Code § 459-050-0310

PERS 9-2002, f. & cert. ef. 6-13-02

Stat. Auth: ORS 243.470

Stats. Implemented: ORS 243.401 - ORS 243.507