*Direct deposit notice or check stub will be mailed to all benefit recipients.

You will receive a check stub whenever there is a change to your benefit, such as health care premium change, a tax withholding change, or a bank account change.

SERS strongly encourages all retirees to have their pension payments paid directly to a bank or credit union. Direct deposit of your funds is the only way to assure that your payment will be available on the first of every month. Direct deposit eliminates any concerns about late, lost, or stolen checks. Since pension checks cannot be forwarded, direct deposit also eliminates delays when you travel during retirement. It is your responsibility to make sure the funds are in your account before writing checks against your account.

If you do not enroll in direct deposit, there is no guarantee that you will receive your payment right on the first of every month. Delivery delays might occur that are beyond SERS’ control, such as lost or stolen checks. You must wait 10 days after the expected delivery date before SERS can begin the process of stopping payment and issuing a new check. This delay will not occur if you have direct deposit.

As a result, your employer has notified you that you are now a member of SERS. As a member of both SERS and STRS, you may retire independently from each of the systems if you are eligible, or you may combine your service credit and accounts to receive one benefit. The system with the greatest service credit will be the system that will calculate and pay your benefit. While your salaries in one year will be added together, if you have service credit in each system for the same year, you cannot be credited with more than one year of service credit for each 12 months in a year. You also may combine service credit and accounts for a disability benefit.

You will receive an information packet from us in the next few months. In the meantime, click here for a link to the Member Handbook. Please contact us toll-free at 800-878-5853 or send a secure message if you have further questions about your SERS membership.

For more information about membership determination between the systems, click here to view the systems’ joint message to employers.
 

The GFOA awards the certificate to government entities whose annual financial reports are judged to adhere to program standards. It represents the highest award in government financial reporting.

SERS received the award for its FY2013 Comprehensive Annual Financial Report.

The Investor Intelligence Awards are sponsored by the Investor Intelligence Network, a 2,000-plus member organization of Chief/Senior Investment Officers who exchange investment ideas.

Click here to read more about this prestigious honor.