Pension Fund Converts to Electronic (ACH) Payments
If you currently receive regular (monthly or quarterly) payments from Pension Fund via a hard copy check, you'll need to switch your method of payment to an electronic distribution. Effective Oct. 1, 2014, Pension Fund will use only electronic payment processes (ACH) as our method of paying our members' retirement and recurring payments.
You'll have from now until Sept. 15, 2014, to move your existing payment from hard copy check to electronic distribution. To ensure you continue to receive your retirement benefit without interruption, we ask that you complete a "Change of Payment Distribution" form (available online here). We'll need this information to automatically direct deposit your payment into your preferred checking or savings account.
This policy change is being implemented for the protection and benefit of our members and beneficiaries. Electronic ACH payments are a secure method of transferring funds-providing protection against fraud-and are delivered to bank accounts more quickly than distributions by mail. In the rare event that a payment is lost, ACH payments are easier to locate, versus a paper check. This new policy mirrors a change that the U.S. government made previously, requiring all Social Security payments to be made electronically.
These changes do not impact requests for one-time distributions, though we strongly recommend members make use of the electronic payment option when available.
If you have any questions or concerns, contact India Bobadilla directly at 317.713.2630 or via email at email@example.com.