Power of Attorney
For those who may need assistance handling financial affairs, a DURABLE POWER OF ATTORNEY (“POA”) for property may be very helpful. It allows your agent to conduct your financial affairs in the event you become unable to do so in the future. The agent you choose should be someone you trust.
You or your agent may submit a POA to the LABF for review. Your POA must meet the requirements of the Illinois Power of Attorney Act in order for the LABF to accept it. The requirements are as follows:
-
It must specify retirement transactions
-
It must be signed by the member of the LABF who is receiving payments
-
The member’s signature must be notarized
-
There must be at least one witness
-
If the POA was signed more than six months prior to submission to the LABF, an affidavit supplied by the LABF must be signed and submitted by the agent.
Once a POA is on file with the LABF, your agent may handle your retirement affairs, however, agents may not assign beneficiaries.
For more information or to submit a POA, please contact the LABF.