You can have your benefit deposited directly to your bank account. Direct deposit or Automated Clearing House (ACH) transfer is a simple method of receiving your retirement benefit. Once you start, your monthly benefit will be in your account for you to pay bills on 14th--the same day checks are mailed.
If the 14th falls on a weekend, your money will be in your account on the Friday morning before. If the 14th falls on a Monday holiday, your money will be in your account on the Friday before.
ACH transfers are processed through the Federal Reserve Banks to your local bank. As a result, in the rare event something should happen to an ACH transfer, it can be traced. The whereabouts of every single retirement benefit deposited by ACH transfer can be determined.
The same cannot be said for checks. Once a check is delivered to the post office on the 14th, it joins the nearly 500 million pieces of mail handled each day by the United States Postal Service. An individual check cannot be traced. If it should get lost (and some occasionally do), a new check must be reissued by the State Treasurer, a process that can take up to two weeks.
Last year, about 200 retirement checks were lost or stolen and had to be reissued. Another 633 were returned to the retirement office for bad addresses. The Post Office will not forward checks.
Effective January 1997, the Retirement Office will no longer be mailing a check stub every month to retirees with direct deposit.
Most retirees receive the same monthly benefit amount until their benefit is increased or their withholding for insurance changes.
To save cost, the Retirement Office will change to a twice-yearly check stub.
Retirees will receive one check stub in January when the new insurance rates take effect and one in July when the new automatic cost of living adjustment will take effect.
If a retiree's monthly benefit is adjusted any other time of year, a letter or mailer will be sent noting the change.
Of course, if a retiree wants verification of the monthly amount, the Retirement Office can provide written verification upon request.
This change is expected to save the Retirement Office nearly $50,000 per year. That's $50,000 more available to pay monthly benefits because benefits and expenses are paid from the same pool of funds. The change will also free up staff to take your calls and respond to your requests for forms or information.
To request an Authorization for Deposit of Retirement Benefit to start direct deposit, call the Retirement Office.
If you live in Franklin County, call 564-3999. Retirees outside of Franklin County may call 800-928-4646.
The open enrollment for medical insurance for retirees under age 65 is expected to go more smoothly this year.
The open enrollment for retirees over 65 and who are Medicare-eligible will be on schedule.
If you are satisfied with the insurance plan you have, you will not have to complete a new application.
You must complete a new application if:
The plan you had is no longer offered in your county
The supplemental benefits (riders) are not offered
You may complete a new application if:
You are adding dependents to your plan
You want to change plans or benefit levels
You want to waive coverage for yourself or dependents
You want to add or drop supplemental benefits (riders)
Open enrollment information was scheduled to be mailed in September for members under age 65. Applications for members under age 65 will be due by November 1, 1996.
Open enrollment information for members over age 65 and who are eligible for Medicare will be mailed in November after changes to the federal Medicare Program are final.
All medical insurance plan changes will become effective January 1, 1997. New rates will be effective January 1, 1997.
For information about claims, benefits or ID cards, call the insurance carrier at the number provided in the materials.
For information about the amount paid toward your insurance or for additional applications, call the retirement office.
Remember: PlanSource does not distribute ID cards or administer claims.
Last Updated: 7/01/2002