PSERS sends your monthly benefits through direct deposit. You can change your direct deposit information anytime through your Member Self-Service (MSS) account on the "My Retirement Information" page. Alternatively, you may complete, print, and submit to PSERS an Authorization for Direct Deposit – Electronic Transfer of Monthly Payment (PSRS-116) form.
It is critical that the information is completed in full and that the account number and routing number are accurate.
Changes made to your direct deposit information in your MSS account take effect the first of the next month.The request to change your direct deposit 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 new financial institution electronically, PSERS needs to receive the request in May.
Please be aware that changes made to your direct deposit submitted on a paper form may take up to 60 days.
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 or may not 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 as soon as possible by changing your direct deposit information in your MSS account. You may also complete, print, and submit a new Authorization for Direct Deposit – Electronic Transfer of Monthly Payment form.
When Your Direct Deposit Is Missing
If your direct deposit 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 Direct Deposit
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.
You may change your address with PSERS in your MSS account or in writing. Name changes must be submitted to PSERS in writing. 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 (POA) 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.
