With direct deposit, your retirement benefit payment is automatically deposited to your financial institution (bank or credit union) on the last business day of each month. And now, thanks to recent upgrades to Retirement Online, retirees can update direct deposit account information online.
Changing Your Direct Deposit Bank Account Information
If you change financial institutions, or want your payment to go into a different account at the same institution, sign in to your Retirement Online account to update your account number and routing information. From the top of your Account Homepage, in the ‘I want to…’ section, click the “Update Direct Deposit” link to get started.
If you have a joint account holder on your account, you need to complete a paper Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370). Make sure the joint account holder signs the form as well. You can upload your completed application in Retirement Online, or you can mail it to the address on the form.
If you choose not to update your deposit information through Retirement Online, you can complete and mail in the paper application. If you want your payment to go into a savings account, or if you don’t have a voided check to attach, a bank official will need to complete Section 3 of the form.
If you are updating account numbers but not changing your financial institution, you can have a bank representative fax the information to 518-473-5323. The fax should be on their letterhead and include:
- Your name;
- Your retirement number, registration number or NYSLRS ID;
- Old and new account numbers and routing number; and
- A bank representative’s signature.
To avoid a delay in your payment, please wait for confirmation of your direct deposit change before closing your old bank account.
Sign Up for Direct Deposit
Ninety-six percent of NYSLRS retirees and beneficiaries receive their pension payments by direct deposit. Direct deposit has always been the safe, quick and convenient way to get your pension payment. If you’re still getting your pension payment by check, sign up for direct deposit today. Sign in to your Retirement Online account. From the top of your Account Homepage, in the ‘I want to…’ section, click the “Update Direct Deposit” link. You will need your financial institution’s account number and routing number to sign up.
You can also complete and submit an Electronic Funds Transfer Direct Deposit Enrollment Application (RS6370) to sign up for direct deposit.
For More Information
Our Pension Payment Calendar lists a schedule of direct deposit dates by month.
Visit our Direct Deposit page for more information.