Investment Transfer Verifiers
Relief association trustees should make sure that transfer verifiers are on file with their financial institutions and, if applicable, the State Board of Investment (SBI). A verifier is an officer of the relief association whom the financial institution or SBI will contact to confirm the account number to which the money should be transferred when it receives a wire transfer request. Having a designated individual who will be the contact person to confirm transfer requests is a good internal control and helps to protect pension assets.
Published last in the September 2017 Pension Newsletter