Direct Deposit

Direct Deposit allows you to receive your NYCERS payment via Electronic Fund Transfer (EFT) directly to your bank account. To provide your banking information, follow the instructions for the type of payment you expect to receive from NYCERS.  

Monthly Pension Payment 

If you are a retiree or beneficiary receiving a monthly pension payment, log in to your MyNYCERS account and click Update Pension Payment Method to provide the bank account you would like to use for direct deposit or provide a Check Mailing Address to cancel direct deposit and receive a paper check. 

Alternatively, you can use Authorization for Electronic Fund Transfer (EFT) of Monthly Retirement Allowance Form #380 to update your banking information or Change of Address Form #290 to cancel direct deposit and receive a paper check. 

Notes: It generally takes one or two payment periods to process a change to your pension payment method, so plan ahead. If you recently filed for retirement, you won’t see the option to manage your pension payment method in MyNYCERS until after your retirement date has passed.    

Loans

When applying online, the MyNYCERS loan application allows you to choose a saved bank account or provide a new one to receive your loan by direct deposit. If you are applying for a loan in person at NYCERS Walk-in Center or by mail, you must provide your banking information with proof of the account (e.g., a blank check or bank statement) with Loan Application Form #302. After your paper or online loan application is received by NYCERS, the only way to update the payment information is by completing Request for Change to Recent Loan Application Form #310. 

Note: Changes are not possible after the loan is issued by NYCERS. 

Learn more at nycers.org/loan.

Refunds

To receive your refund by direct deposit you must provide your banking information with proof of the account (i.e., a blank check or bank statement) when you submit Application for Refund of Member’s Accumulated Salary Deductions Form #331. If you need to change banking information or the mailing address that you submitted with your refund application, please contact NYCERS.

Note: To rollover the taxable portion of your refund, you must provide the mailing address of your financial institution on the rollover letter NYCERS provides after processing your refund application. Direct deposit is not available for rollovers.

Learn more at nycers.org/refund.

Lump-sum Survivor Benefit

To receive your Lump-sum Survivor Benefit by direct deposit you must provide your banking information with proof of the account (i.e., a blank check or bank statement) on the Claimant Statement you received from NYCERS. If you need to change banking information or the mailing address that you submitted with your Claimant Statement, please contact NYCERS. 

Note: To rollover the taxable portion of your benefit, you must provide the mailing address of your financial institution on the rollover letter NYCERS provides after processing your claimant statement. Direct deposit is not available for rollovers.