Electronic Deposit of Your
Monthly Retirement Check
For your convenience, we have provided an electronic version of the Electronic Deposit form that you can download to your computer. If you do not have Adobe Acrobat or Adobe Acrobat Reader, you can download it here: http://www.adobe.com/prodindex/acrobat/readstep.html.
Download the Electronic Deposit Form in Adobe Acrobat Reader format now by clicking on the link below:
Electronic Deposit Form
Print, complete and return this form to the SJCERA office.
What is Electronic Deposit?
Have you ever received your check late because it was lost or misplaced in the mail? SJCERA provides a safe way to deliver your monthly retirement allowance to you. We call it "Electronic Deposit". Electronic Deposit electronically places your retirement allowance into your checking or savings account through an electronic automation process. Electronic Deposit is different, however, from a direct bank mail which mails your check from the County Auditor-Controller's Office to your financial institution. Electronic Deposit is sometimes called Electronic Funds Transfer (EFT).
Many of the San Joaquin County Employees' Retirement Association Retirees are already having their monthly retirement benefits processed by electronic deposit.
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What are the Advantages of Using Electronic Deposit?
The Electronic Deposit process is important to you for the following reasons:
- Reduces the risk of loss, theft, or forgery of benefit checks
- Gives you immediate and uninterupted deposits when you are away from home
- Eliminates inconveniences associated with the cashing of benefit checks, such as standing in line or traveling to check-cashing facilities
- Relieves you of the anxiety associated with the uncertainty of mail delivery service
- Provides you with a monthly deposit advice that shows your benefits and deductions and is directly mailed to your residence.
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How Do You Enroll In Electronic Deposit?
To enroll in Electronic Deposit, you must fill out "Section I" of the application titled:
"Enrollment Form For Direct Deposit Of Retirement Payments By Electronic Funds Transfer".
This application can be obtained by stopping by the Employees' Retirement Association to pick up a copy, or you can contact us at the main number and we would be happy to send one out to you.
You may also download this form from this web page and print it using Adobe Acrobat Reader.
Once you have the form and have filled out "Section I", take it to your bank, savings and loan, or credit union for them to complete and sign "Section II" to provide us with the proper account codes. Finally, forward that form to the retirement office.
Your financial institution must be a member of the Automated Clearing House Association (ACHA) to accept an Electronic Deposit from SJCERA. (Almost all banks, savings and loans, and credit unions in the United States belong to ACHA.)
SJCERA will write to you stating when your first monthly allowance will be transferred to your account by Electronic Deposit.
While your monthly retirement benefit is electronically deposited, a monthly "Deposit Advice" will be mailed to the most recent residence address you have given us; please keep your address current. If you have given us a mailing address different from your home address, the statement will be mailed to your mailing address. You should keep the monthly deposit advice for your records.
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Date of Transfer
Your SJCERA Benefit Allowance will transfer electronically into your account (either checking or savings) on the first day of the month. If the first day is a Saturday or Sunday, the transfer happens on the next banking day after the first.
Special Note: For income tax purposes, transfers dated January 1st must be processed on the first banking day after New Year's Day. This assures that SJCERA complies with IRS regulations in reporting the retirement income for the proper tax year.
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Period of Coverage
Just like your regular check, each Electronic Deposit covers the month prior to the date of the transfer. For example, a transfer dated December 1st covers the period from November 1st through November 30th.
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Replacing A Lost Electronic Deposit Transfer
In an Electronic Deposit payment is not credited to your account, you should first contact your financial institution and provide information from the current or previous Deposit Advice to assist them in locating the payment. If the matter cannot be resolved at the financial institution, then call the SJCERA Retirement Office.
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Frequently Asked Questions
Must I Receive Direct Deposit?
Electronic Deposit is an option. If you do not want it, we will continue mailing your monthly checks to your mailing address. Some financial institutions encourage Electronic Deposit by offering incentives, such as no-fee checking accounts. Contact your financial institution for details.
When May I Enroll In The Electronic Deposit Program?
You may sign up at any time.
How Can I Verify That My Payment Has Been Deposited?
You can verify a deposit by contacting your financial institution.
What If I Choose To Transfer My Electronic Deposit To Another Account Or To Change My Financial Institutions?
If you are transferring your Electronic Deposit to another account with the same financial institution, or, are changing your financial institution, you must complete and send us a new Electronic Deposit enrollment form. SJCERA will process the new Electronic Deposit account just as we did for your old Electronic Deposit account.
Note: You should leave your old account open until your first payment is deposited into your new account. if your old account closes too soon your financial institution may return the funds directly to SJCERA.
Can I Have Electronic Deposit IF I Live Outside Of California?
Yes. Most financial institutions within the United States provide an Electronic Deposit. However, Electronic Deposit is not available at this time to financial institutions located outside of the United States.
Can Anyone Else Establish Electronic Deposit For Me?
Yes. Your attorney-in-fact can establish an Electronic Deposit. But SJCERA will need a copy of the "Power Of Attorney" document showing that person has the authority to act on your behalf.
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Last modified: Thursday, October 6, 2011
