Current through Register Vol. 63, No. 9, September 1, 2024
(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.
Stat. Auth: ORS
243.470
Stats. Implemented: ORS
243.401 - ORS
243.507
