Public Employees Retirement System - Service Credit - Mandatory direct deposit.


Published: 2019-01-01

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(A) For purposes of this rule, "alternate payee" has the same meaning as defined in section 3105.80 of the Revised Code.

(B) Except as provided in paragraph (C) of this rule, all benefits or payments paid in the form of a refund or monthly annuity to individuals with a United States address on file with the public employees retirement system shall be paid by direct deposit, which is an electronic fund transfer directly to an individual's account at a financial institution. Recipients of a benefit or payment and alternate payees shall provide to the retirement system valid direct deposit account and routing numbers, the name and contact information of the financial institution, and such other information as may be required by retirement system. The retirement system may withhold a benefit or payment until the benefit recipient or alternate payee provides the information described in this paragraph.

(C) If a recipient of a benefit or payment or alternate payee resides more than fifteen miles from a financial institution that provides direct deposit accounts, demonstrates that the individual is the victim of fraud or identity theft, or resides in a nursing or convalescent home, the recipient or alternate payee may submit a request for exemption from direct deposit on a form provided by the retirement system. The retirement system shall approve or deny the request.

Last updated September 30, 2021 at 9:08 AM