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Pensions and Benefits
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).

CHANGES TO YOUR ELECTRONIC FUND TRANSFER

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

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.

ADDITIONAL INFORMATION

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

 
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