The Direct Deposit Elections screen allows you to view and, if available, maintain direct deposit information related to your benefit. If you have portions of your benefit deposited in multiple accounts, information is displayed for each account.
A Primary account must be set up first. Additional Secondary accounts then can be set up. Secondary accounts are established to receive either a percentage of your net amount or a flat amount of the net payment.
All deposits are made to the secondary accounts first. The remaining amount, if any, is deposited in the primary account.
To access the Direct Deposit Elections screen, click on the Direct Deposit Elections option in the menu. The Direct Deposit Elections screen opens.
If you have only one benefit, the screen automatically displays the direct deposit information for that benefit. If you have more than one benefit, the screen displays the direct deposit information for the first benefit you received.
If you have more than one benefit and would like to see information on a benefit that is not currently displayed, click on the benefit displayed next to "Viewing" at the top of the screen. This opens a list of your benefits. Select the benefit you wish to view. The direct deposit information for the selected benefit is then displayed on the screen.
The screen is divided into a section displaying Primary Deposit records and one displaying Secondary Deposit records.
Information displayed for each direct deposit account includes:
Adding a new Primary direct deposit account:
If you have no current direct deposit elections, a blank card is displayed that contains only an Add New Primary Deposit link. When this link is selected, the Direct Deposit Maintenance screen opens.
Enter the ABA number associated with the new account (for information on where to find this number, hover over the question mark next to the field). If there is no financial institution on record with your pension fund with that ABA number, you will get an error and cannot set up the direct deposit. Contact your pension fund for further assistance. Assuming the ABA number is found, the financial institution name appears on the screen.
Enter the account number and select the account type. The effective date of the new election defaults to the first of the month following the current date, or the benefit effective date, whichever is later, and cannot be changed. However, deposits to the account may not begin until the following month, pending verification of the bank and account information.
Click Save Account. A confirmation correspondence will be sent to the e-mail address associated with your online account.
Note that you can only one primary account.
Adding a new Secondary direct deposit account:
Once you have a primary direct deposit account established, you can, optionally, set up one or more secondary accounts.
Click the Add New Secondary Deposit card. The Direct Deposit Maintenance screen opens.
Enter the ABA number associated with the new account (for information on where to find this number, hover over the question mark next to the field). If there is no financial institution on record with your pension fund with that ABA number, you will get an error and cannot set up the direct deposit. Contact the retirement office for further assistance. Assuming the ABA number is found, the financial institution name appears on the screen.
Enter the account number and select the account type. The effective date of the new election defaults to the first of the month following the current date, or the benefit effective date, whichever is later, and cannot be changed.
Enter either the percent of the net payment or the amount to be deposited into that account (the percent total for all secondary accounts cannot exceed 100%).
Click Save Account. A confirmation correspondence will be sent to the e-mail address associated with your online pension account.
Changing your direct deposit accounts:
If you already have direct deposit accounts but would like to change one of them, select the down arrow in the upper right part of the direct deposit card, and choose the Update Account option. The Direct Deposit Maintenance screen opens. Update the ABA, Account, and Type fields as needed. Click Save Account. Note that you can only update currently effective accounts, and you cannot make changes if there are pending changes to your accounts. If the Update Account option is not available, contact the retirement office for assistance.
Stop direct deposit:
Stopping a direct deposit account ends deposits to that account. If you stop your Primary account, your benefits will stop being paid using direct deposit, and you will begin receiving check payments. If you stop a Secondary account, the amount that had been designated for deposit to that account will instead be deposited into your Primary account. If you stop the Primary account when Secondary accounts exist, any secondary accounts are automatically stopped too. You cannot have Secondary accounts without a Primary account. Stopping all direct deposits will result in you receiving paper checks.
To stop direct deposits, select the down arrow in the upper right part of the direct deposit card, and choose the Stop Deposit option. The Confirm Stop Deposit screen opens. Click the Confirm button.
Note: The Stop option may not be available to you in certain situations, if there are pending changes already on file to your direct deposit information. If you wish to stop a deposit and the Stop option does not appear, contact the retirement office for assistance.