IMPORTANT: Pension Payment Changes July 1-2
Important notification for Pension Fund pensioners:
You may notice a change in your July 1 pension payments for two different reasons:
-- Due to a Pension Fund systems upgrade, accurate processing for July 1 pension payments was not completed in time. Therefore, you will see the following three transactions in your bank or other financial account:
o Transaction 1: A deposit was made to your bank account on Monday, July 1 that was similar to the deposit of June 1. Note that the amount included in your account balance as of July 1, 2013, is not the final account balance and does not include your Special Apportionment or tax withholding changes. A system issue prevented Pension Fund from distributing the amount due, but with consideration to our retirees we chose to distribute the funds paid in June. This ensures an account balance in order to prevent any account overdrafts or penalties from automatic payments charged to your account at the beginning of the month.
o Transaction 2: Your pension payment, including Special Apportionment and tax withholding, will be deposited into your account on Tuesday, July 2.
o Transaction 3: At the time the correct distribution is posted to your account, Pension Fund will request a reversal or recovery of the original deposit posted to your account on Monday, July 1.
-- Due to standard tax withholding, your pension payment could be lower than previous months. This amount was determined from your W-4P elections earlier this year. If you have questions regarding changes to your withholding elections, contact Pension Fund by phone (866.495.7322) or email (firstname.lastname@example.org).
These transactions will be processed automatically and do not require any action by you. However, we urge you to review your account and payment amount on July 2 and we invite you to contact us by phone (866.495.7322) or email (email@example.com) if you have any questions regarding your pension payment. Pension Fund apologizes for this inconvenience.