More than 95 percent of NYSLRS retirees and beneficiaries receive their pension payments by Direct Deposit. Their pension payments arrive directly into their bank accounts on the last business day of every month.
If you need to update your bank account information or change your direct deposit, here’s what you need to know.
Changing Your Account or Bank
If you change banks, or want your payments to go into a different account in the same bank, complete and submit a new Direct Deposit Enrollment Application (RS6370). Remember, if you want your payments to go into a savings account, or if you don’t have a voided check, a bank official will need to complete Section 3 of the form.
If you are just changing accounts in the same bank, you can have the bank fax the information to 518-473-5323. The fax should be on bank letterhead and include:
- Your name;
- Your retirement number, registration number or NYSLRS ID;
- Both the old and new routing and account numbers; and
- A bank representative’s signature.
Please wait for confirmation of your direct deposit change before closing your old bank account to avoid a delay in your payment.
Changing Your Payment Preference
If for some reason you need to cancel direct deposit, send us a letter saying you prefer to have a check mailed to you instead. Include your name, address, retirement number or NYSLRS ID, and signature.
You can fax the letter to 518-473-5323, or mail it to:
Attn: Direct Deposit
110 State Street
Albany, NY 12244-0001
Sign Up for Direct Deposit
Direct deposit has always been a safe, convenient way to get your pension payment. Now, with the continuing COVID-19 pandemic, it makes even more sense. If you’re still getting your pension payment by check, you can sign up today by completing and submitting a Direct Deposit Enrollment Application (RS6370).
If you’re planning on using Retirement Online to file your retirement application, please remember to sign up for direct deposit as part of your retirement process.