Your relationship to the beneficiary has become like that of a trustee now that you have been chosen as a representative payee. One of your key fiduciary responsibilities in this relationship is to maintain appropriate records and documentation pertaining to your use of benefit payments on the beneficiary's behalf. At the RRB's request, you will be expected to provide the necessary information to account for your use of the funds. Periodically, you will be asked to complete a representative payee report which will include the following questions:
- How were the railroad retirement benefits available during the year used for the support of the beneficiary (room, board, clothing, medical and dental care, personal needs, etc.)?
- How much of the railroad retirement benefits did you save for the beneficiary?
- How did you invest the savings? (See question 8)
- Where did the annuitant live during the year?
- What was the annuitant's amount of income form other sources during the year?
In order to complete the questionnaire correctly, you must keep current records of railroad retirement payments you receive and of what you do for the beneficiary with the proceeds of the payments. This booklet contains a representative payee's record designed to help you keep accurate records. Additional records may be obtained from any RRB field office. You should retain these records for four years.