Calling all recordkeepers or administrators - Can I get your opinion on or experience with accepting faxes or copies of documents related to participant distributions vs. requiring the participants to send documents with original signatures. I would like to know what your practices are and what you feel the risk is related the accpetance of documents with non-original signatures.

Thanks!

I used to work for a big company, and we accepted fax copies of distribution. The distribution area would check the administrator's signature to the one(s) we had on file.

The only time we asked for orignials were when the fax had a raised seal for notarized forms (like spousal consent). (If there was a stamp, it was ok).

What is the point of getting an original? Whomever faxed you the paperwork could just as easily mailed it. It's more of a time-saver than anything else.

I have been pretty comfortable accepting faxes or emails. But I am even more comfortable now that I find many major investment companies such as John Hancock and American Funds prefer distribution forms be faxed.

Jim --

Does it really make you feel more comfortable to be doing the same thing that major investment companies are doing about anyhting . . . ???!!!

Have been acceptong Faxed copies and emailed scans of signatures, but often ask for a signed document to follow in the mail depending on what the document is.

Our policy is to require a signature guarantee if the amount is high or the check is to be sent anywhere other than the plan sponsor's address of record. We only require original paperwork if it needs the signature guarantee.

Doesn't the IRS govenment agencies and courts acccept documents with faxed signatures?

What is the risk you percieve to exist if you accept a fax signature instead of an inked signature?

Aren't the faxed signatures accepted by the IRS and courts etc, done under oath or subject to perjury, whereas the documents in question are not ?

Aren't there some courts that require the presentation or possession of the original document, in litigation ? If so, then a wet signature would be required, would it not ?

What IRS forms are you thinking of that are signed under penalty of perjury other than tax returns where the perjury declaration pertains to the truth and accuracy of the return, not the taxpayer's signature? The IRS accepts faxed powers of attorney (2848) where the only statements subject to perjury are the agents qualfications to practice before the IRA, not the signatures. Under IRC 6064 a individual's signature on any IRS document is presumed to have been signed by him.