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  • Your Incorrect Address and Missing Electronic Payment

Electronic Transfer – What is it?

In the late 1960’s, there was a need to develop a system to process automated payments due to the increasing volume of paper checks.  Automated clearinghouses (ACH), in conjunction with the Federal Reserve, were established to alleviate the volume of paper checks in exchange for “paperless” payments between financial institutions.   

An electronic transfer of a PSERS monthly benefit payment uses the ACH to distribute your payment from the State Treasury Department’s financial institution directly to your financial institution.  Your financial institution routes the payment directly into your account.  

The Benefits of Electronic Transfer of Payments

Electronic transfer is one option you have to receive your monthly benefit payment.  There are many advantages in doing this.  First, your electronically transferred monthly benefit is available to you by 9:00 a.m. on the last business day of the month.  With checks sent via land mail, it may take two to four days for the check to arrive at your home.  You must then manually deposit or cash your check.  Electronic transfer helps avoid delays in receiving your monthly retirement benefit.

Electronic transfers offer reliability, safety and security, as well as being environmentally friendly just in the paper saved using these transactions.  Electronic transfers eliminate the possibility of delayed, stolen, or destroyed checks.  If an error would occur with an electronic transfer, it takes less time to resolve the problem than with a missing check.  This is one reason PSERS highly recommends that our members sign up for the electronic transfer of their monthly payment.  Occasionally, mistakes happen where a check mailed to your home is misdirected within the mail delivery system.  PSERS asks you to wait until the 10th of the following month before reporting a missing check to give the postal system time to reroute a misdirected check.  Placing a stop payment on a check takes several weeks to resolve, and if the check is stolen and cashed, it make takes months to replace the payment.   

Signing up for Electronic Transfer  

To sign up for the electronic transfer of your payment directly into your account, you need to complete and submit to PSERS the Authorization for Direct Deposit – Electronic Transfer of Monthly Payment (PDF).  It is critical that the information is completed in full and that the account number and routing number are clearly written and accurate.

 The paperwork for electronic transfer must be received at PSERS prior to the end of the month to affect the payment sent at the end of the next month.  This allows enough time for the transfer to be processed.  For example, if you wish to have your June payment sent to your financial institution electronically, PSERS needs to receive the paperwork in May.   

Changing Financial Institutions

To change your electronic transfer from one financial institution to another, you need to submit to PSERS an Authorization for Direct Deposit – Electronic Transfer of Monthly Payment (PDF).   

Please keep in mind that changing an electronic transfer may take two (2) months to go into effect.  Therefore, keep your current account open until you receive your first payment into your new account.  

Financial Institution Mergers & Your Electronic Transfer

Should your financial Institution merge with another financial Institution, please do not assume that either will notify PSERS of the change.  Mergers may result in a different account number and/or routing number for your monthly payment.  Be sure to check with your new financial Institution and verify your account number and routing number.  If there are any changes to either number, please be sure to notify PSERS in advance of the merger by submitting a new Authorization for Direct Deposit – Electronic Transfer of Monthly Payment.


When Your Electronic Transfer Is Missing

If your electronic transfer is not in your financial institution by 9:00 a.m. on the last business day of the month, contact your financial institution.  Ask the financial institution’s representative to check their internal processing to make sure the delay was not within their financial institution.  If they have no record of the transfer, ask them to verify your account number and the routing number, which is your financial institution’s computerized address.

When you have verified the information with your financial institution, call PSERS with the account number and routing number information.  For you own security, please do not email account and routing number information, as email may not be secure.  

PSERS will check our records to make sure the payment was routed to the proper account and the financial institution routing number was correct.  If the account number was correct, the problem is usually solved the within one to three business days, depending upon the financial institution’s policies.  Routing number discrepancies may take up to 15 days to resolve.  


Your Incorrect Address and Missing Electronic Payment

If your monthly benefit payment is sent electronically to your financial institution and we receive notification from the post office that your mailing address is not valid, your monthly payment will be temporarily suspended.  PSERS must have your correct mailing address for your payments to continue.  

Please submit any name or address changes to PSERS in writing.  You may do this either by letter or by completing the Change of Address for PSERS Retirees (PDF) form or by writing a letter to PSERS.  Be sure to include your signature, last four digits of your social security number, and the effective date of the change.  PSERS will not accept address changes from an email, by phone, or from anyone but you.  If you have named a Power-of-Attorney(PDF) and the POA was approved by PSERS, the POA may change your address on your behalf.  

Once we receive the corrected address information after a payment was suspended, it can take up to 3 weeks for you to once again receive payments.  PSERS will send you any payment(s) that was held due to your incorrect address.