Powers of Attorney and ConservatorshipsPSRS cannot provide you with legal advice or prepare personal legal documents for you. Consult with your personal attorney regarding any legal document to ensure that the document specifies your wishes and complies with applicable law.
A power of attorney is a legal document that allows you to name someone to act for you. This person is called your agent. When your agent acts within the authority you give them in the power of attorney, those actions are legally binding on you, just as if you had taken the action yourself.
PSRS/PEERS requires a power of attorney to be durable. A durable power of attorney stays in effect even if you later become unable to make decisions for yourself. Many members create a durable power of attorney so a trusted family member or friend can help manage financial matters if they become unable to do so. With a durable power of attorney, you may give someone the authority to make direct deposit arrangements or sign documents related to your PSRS/PEERS benefits. You can also set up the durable power of attorney so this authority does not begin unless you become incapacitated.
When you submit a power of attorney to PSRS/PEERS, we may accept a copy of the document unless the power of attorney itself says you must provide an original or a certified copy. If your power of attorney requires an original or a certified copy, you must provide either the original document or a certified copy that includes required notary language confirming it matches the original. A certified copy must include the following statement from a notary public:
"On this ___ day of ______________, 20 __, before me, the undersigned notary public, personally appeared ______________________, and provided me with the original durable power of attorney which I have compared to the attached document and that the attached document is a true and accurate copy of the original durable power of attorney.
In witness whereof, I hereunto set my hand and official seal."
Even if PSRS/PEERS has a durable power of attorney on file for you, you may still act on your own regarding your PSRS/PEERS membership.
A conservator is a person or a corporation, such as a bank or trust company, appointed by a court (usually the probate division of the circuit court) to manage the property of a minor or of an adult person who has been legally determined to be disabled. When a conservator has been appointed for a PSRS/PEERS member, the member cannot act on his or her own behalf with regard to his or her PSRS/PEERS membership.
A conservator, under the supervision of the court, is responsible for the protection and management of the protectee's financial estate (as opposed to a guardian who is responsible for care, treatment, housing, etc.). The conservator must properly and prudently invest the protectee's assets, apply such assets for the protectee's care and maintenance and account for all funds received and expended on behalf of the protectee.