Get your monthly benefit on time with direct deposit
Have you ever called our call center wondering when your check will arrive in the mail?
Direct deposit eliminates waiting for the mail, standing in lines at the bank and the risk of a lost or stolen check. If your check is lost or stolen, the replacement process begins 10 days after your monthly benefit check was mailed. Can you afford to live without your monthly payment for that long?
If you're not currently on direct deposit, download the Application for Direct Deposit here to enroll. We'll send you an annual statement in the mail showing all direct deposits to your bank account.
What’s an RMD? Does it apply to you?
Do you still have funds in your Annuity Savings Account (ASA)? If so, the Internal Revenue Service (IRS) has a distribution requirement for your ASA. It's a Required Minimum Distribution (RMD) based on age and employment status.
You may have to take an RMD if you will be:
- at least 70½ years old by Dec. 31, 2017, and not working in a PERF or TRF covered position;
- OR, will be 70½ years old by Dec. 31, 2017, and not working for an employer that contributes to PERF or TRF. For more information, visit the RMD Information page on our website here. If you have questions, please contact our customer service center at (888) 286-3544. Please address any tax questions that you may have with your tax advisor.
Important information about your direct deposit
INPRS will soon be working with a new vendor to make your monthly pension direct deposit. In order to do so, our new vendor, State Street Bank, will be verifying that your direct deposit account is active by “prenoting” your account, starting in mid-September.
A “prenote” is simply a zero-dollar transaction that an institution sends to your bank through the Automated Clearing House (ACH) network. Depending on how your bank displays your transactions, you may or may not see this prenote on your banking summary.
While there is nothing you need to do at this time, please be aware that if State Street Bank is unable to verify your direct deposit account, you will receive a letter in the mail in the coming months, requesting updated banking information. If you have questions, please contact us at (888) 286-3544.