Posting Date: December 20, 2018
Action required: Designate a role to serve as an authorized signatory(ies). Inform your Benefit Plan Coordinator of these authorized signers when executing your next contract with MERS
What: Effective January 1, 2019, we are asking all customers to establish an authorized signatory to execute contracts with MERS. This change is in an effort to ensure consistency and compliance when completing legally-binding documents.
The authorized signatory will be a designated position (ex: Finance Director, Administrator), not a person. You will have the option to choose up to three positions to serve as signatories. Employees in this role will be authorized to sign MERS' contracts relating to the adoption, amendment and termination of MERS' products, and defined benefit service credit purchase approvals.
Municipalities have the option to opt out of selecting an authorized signatory. However, in that event, all contracts related to the above mentioned items will need to be accompanied by Board minutes showing approval.
Key Date(s): January 1, 2019 - contracts signed from this date forward will need to be signed by the authorized signatory on file with MERS
Impacted audiences: All MERS municipalities
For more information, contact: MERS Service Center – 800.767.MERS (6377)