| Topic: | Member Records |
| Subtopic: | Signatures |
| Date: | 11/20/2015 |
| Status: | Active |
WHEREAS, section 7-198 of the Illinois Pension Code authorizes the Board of Trustees of the Illinois Municipal Retirement Fund to establish rules necessary for the efficient administration of the fund; and
WHEREAS, section 7-118 of the Illinois Pension Code provides that the beneficiary of a member’s IMRF death benefits is any person or persons, trust, or charity designated as a beneficiary. If no beneficiary designation is on file, the member’s estate is the beneficiary; and
WHEREAS, the Illinois Pension Code requires that a member’s beneficiary designation shall be in writing on forms prescribed by the board; and
WHEREAS, it has been the staff policy of IMRF to not allow agents, guardians or others to sign beneficiary designations on behalf of a member; and
WHEREAS, the Board of Trustees has determined that the previous staff policy should be ratified by the adoption of a formal board rule; and
WHEREAS, the Board of Trustees has determined that the Illinois Pension Code and best practice do not allow agents, guardians or others to sign beneficiary designations on behalf of a member.
NOW, THEREFORE BE IT RESOLVED by the Board of Trustees of the Illinois Municipal Retirement Fund that IMRF members must personally sign beneficiary designations and that beneficiary designations signed by agents acting under a power of attorney or as guardians are not valid.
BE IT FURTHER RESOLVED that beneficiary designations filed via the IMRF Secure Member Access system will be presumed to be the action of the member and not an agent or guardian.