La. Admin. Code tit. 58 § XXV-105

Current through Register Vol. 50, No. 11, November 20, 2024

Section XXV-105 - Payment of Benefits

A. All new retirees and beneficiaries are required to have their monthly benefits electronically deposited into an account at a financial institution.

B. To facilitate electronic payment of benefits, a retiree/beneficiary must provide a copy of their Social Security card, name, complete address, routing number of a financial institution, account number, and indication of whether the account is a checking account or a savings account.

C. A voided check, for a checking account, or deposit slip, for a savings account must be provided by the payee.

D. Direct deposit payments are issued on the first business day of the month for which they are due. Paper checks, for retirees/beneficiaries not subject to the direct deposit rule, are mailed on the last business day of the month prior to the month in which they are due and dated the first of the month for which they are due.

La. Admin. Code tit. 58, § XXV-105

Promulgated by the Department of Treasury, Municipal Employees' Retirement System, LR 482367 (9/1/2022).

AUTHORITY NOTE: Promulgated in accordance with R.S. 11:1823.