ELECTRONIC FUND TRANSFER (EFT)
or DIRECT DEPOSIT

About EFT | Starting EFT | Changing Banks or Accounts | EFT Schedule and Information

ABOUT ELECTRONIC FUND TRANSFER

Electronic Fund Transfer (EFT) — also known as Direct Deposit — provides for the automatic deposit of your monthly retirement benefit payment to your bank account. Because the deposit of your retirement benefit payment occurs automatically, you will not have to make a special trip to the bank just to cash your retirement benefit check, and your retirement benefit payment can never get lost or stolen in the mail.

STARTING EFT/DIRECT DEPOSIT

Signing up for EFT/Direct Deposit of your retirement benefit payment is easy, especially when you use the “Electronic Fund Transfer” Application in the Member Benefits Online System (MBOS).

• If you already have an MBOS account, Log on to MBOS Here!
  
  
• New users can register for MBOS at: www.state.nj.us/treasury/pensions/mbos-retired.shtml
  At your MBOS home page, choose the application “Electronic Fund Transfer.” Then enter the information requested and click submit. Your EFT request will be processed in approximately six weeks. For more information, see the MBOS instructions on using the online EFT Application.
  
  
• Or sign up for EFT/Direct Deposit using the Authorization for Direct Deposit of Benefit Payment form Adobe PDF (29K)

CHANGES TO YOUR ELECTRONIC FUND TRANSFER

If you change banks or accounts you can easily update your Direct Deposit or EFT authorization.

• Use the “Electronic Fund Transfer” Application on MBOS, Log on to MBOS Here!
  New users register here!
  
  
• Use the Automated Information System at (609) 292-7524 to make account or bank changes. With enhanced Interactive Voice Response technology, available 24 hours-a-day! 7 days-a-week! Find out More!
  
  
• Submit a new Authorization for Direct Deposit of Benefit Payment form Adobe PDF (29K)

Note: If changing banks or accounts, be sure to keep the old account open until EFT processing is fully completed and you see the benefit payment deposited in the new bank or account.  

ELECTRONIC FUND TRANSFER SCHEDULE

Electronic Fund Transfer effective dates are normally on the first day of the month, unless the first falls on a Saturday, Sunday, or State holiday.

• View the current Electronic Fund Transfer Payment Schedule.

ADDITIONAL INFORMATION

These fact sheets contain additional information related to your pension benefit payment.

• Fact Sheet #64, About your Retirement Check Adobe PDF (52K)
  
  
• Fact Sheet #18, Cost-of-Living Adjustments (COLA) Adobe PDF (24K)