A power of attorney is a document that authorizes another person (your agent) to make decisions concerning your property – including your money – on your behalf (the principal). A power of attorney grants general authority for an agent over certain subjects. In this way, your agent can make decisions for you whether or not you are able to act for yourself. For retirement plans, these decisions can include rolling over benefits from one plan to another. A valid power of attorney document should:
- Designate an agent
- Contain your notarized signature
- Contain an effective date, which is usually immediately unless otherwise specified
- Authorize decision-making that is relevant to the retirement system
Frequently Asked Questions
What decisions are an agent not allowed to make?
A power of attorney usually grants general authority, and you must grant specific authority to an agent for the following decisions:
- Create or change rights of survivorship
- Create or change a beneficiary designation
- Waive your rights to be a beneficiary or survivor
- Create their interest in your benefit (unless the agent is related to you)
When does a power of attorney end?
A power of attorney continues until:
- You die,
- You revoke the power of attorney, or
- Your agent resigns or is unable to act for you.
Guardianship:
- AJRS will honor requests and directions from a legally appointed guardian of the estate of a member.
- Guardians are appointed only when a member is declared incapacitated by a court of law and legally unable to act on his or her own behalf.
- Before AJRS can recognize acts of a guardian, AJRS must receive a file-stamped copy of the Letters of Guardianship issued under the seal of the court where the Guardianship action is filed.
- Only the guardian of the “estate” of a member, the person with the power to manage financial matters (as opposed to the guardian of the “person,” who is responsible for the physical well-being of a member), may direct AJRS.
- During the time that a member is under active guardianship, AJRS will only recognize acts of the guardian until provided proof that the member’s right to act on his or her own behalf has been restored.
Who can I contact if I have questions about powers of attorney?
We can assist you with questions about your benefits or about submitting a power of attorney that is valid to the retirement system. If you have other questions about powers of attorney or the authority you are granting to your agent, you should seek legal advice.
Submission:
You can submit a power of attorney to the Arkansas Judicial Retirement System in the following ways:
Method | Where |
---|---|
By postal mail | AJRS 124 W Capitol Ave. Ste 400 Little Rock, AR 72202 |
In person | AJRS 124 W Capitol Ave 4th Floor Little Rock, AR 72202 |