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CalPERS presenter outlines special power of attorney for retirement benefits
Summary
In an instructional video, a CalPERS presenter walked members through the agency’s special power of attorney form, explaining POA types, what powers can be granted for CalPERS retirement transactions, how to complete and submit the five-page form, and how to revoke it.
Raquel, a presenter and CalPERS member, explained why CalPERS recommends using its special power of attorney form and showed members how to complete it.
The CalPERS special power of attorney is “specific to your CalPERS retirement benefits,” Raquel said, and CalPERS may review non‑CalPERS POAs for acceptability. If a non‑CalPERS POA lacks required language or a durability clause, CalPERS may not accept it for retirement transactions; in that case members must revise the document or submit the CalPERS form.
Why this matters: Raquel described a case in which a retired member’s spouse could not update direct deposit after a bank compromise because no CalPERS POA was on file, a situation she said could have caused significant financial hardship. The video stresses that a CalPERS POA can allow an attorney in fact to update direct deposit, request benefit information, or submit retirement applications on a member’s behalf when specifically authorized.
The presenter reviewed common POA types: a durable power of attorney (which continues if the principal becomes incapacitated), a general POA (limited to specified personal affairs and often ending on incapacity unless durable), a contingent POA (effective only when a specified condition—such as incapacity—occurs), a limited POA (authority for a specific task or time period), and a health care POA (which CalPERS said it cannot accept for retirement transactions).
Raquel listed sample authorities members may grant on the CalPERS special POA: submit service, disability, or industrial disability retirement applications; elect a retirement payment option if that authority is explicitly granted; designate or change beneficiaries (including the potential to designate the attorney in fact as beneficiary unless otherwise specified); request benefit payment information; change address; create or change direct deposit; and change federal or state tax withholding.
The video included a step‑by‑step walkthrough of the five‑page CalPERS special power of attorney form: section 1 requests the principal’s name; section 2 designates the attorney(s) in fact and whether they act jointly, separately, or alternately; section 3 records limitations and the specific authorities being granted; section 4 sets the effective dates or triggering conditions and duration; section 5 explains legal considerations for the principal and attorney in fact; section 6 covers acknowledgment and execution (signature must be witnessed or notarized); and section 7 specifies witness/notary requirements (two witnesses of at least 18 who are not named attorneys in fact, or a notary public).
On revocation and changes, Raquel advised members to complete and submit a new form to replace a prior POA if they wish to change it, and to submit a signed written revocation to CalPERS including the POA type, signed date, and names of the attorneys in fact; she emphasized revocation is not effective until CalPERS receives it in writing.
Members were directed to the CalPERS website, the special power of attorney publication (Publication 30), and the form’s mailing address on the last page. Raquel said that once CalPERS receives and approves a completed POA, the member’s myCalPERS account will indicate a designated power of attorney is on file. The video and supporting materials are available on CalPERS’ YouTube channel and website.
