Receiving Pension Benefit Payments From ACERA
Retirement allowances are paid on a monthly basis. ACERA mandates signing up for direct deposit, so that your monthly check will be deposited directly into your bank account. Direct deposit is easy, safe, and reliable, and can save you time and money. You will receive a monthly Electronic File Transfer (EFT) statement in the mail each month whenever you are paid through direct deposit. This process ensures the receipt of funds, especially in the case of a natural disaster, Post Office delivery delays, or theft.
To sign-up for direct deposit, or to change the current financial institution your check is deposited with, complete and return a Direct Deposit Authorization Form to ACERA.
ACERA Cannot Direct Deposit Into a Trust
Unfortunately, the County Employees Retirement Law of 1937 (CERL) prevents ACERA from direct depositing your monthly retirement allowance into a trust.
Possible Deductions From Your Retirement Check
Other than certain court-ordered amounts (e.g., spousal support, domestic partner support, child support), ACERA may only withhold deductions for the following items:
- ACERA-sponsored medical coverage
- ACERA-sponsored dental coverage
- ACERA-sponsored vision coverage
- Board-approved life insurance deductions
- Board-approved long term care insurance deductions
- Board-approved retiree association dues
- Board-approved regularly chartered credit union accounts
- Personal income taxes to the United States or the State of California
- IRS tax levies