Incorrect Reporting Information for Retirement Benefit Payments
Regarding "Payment advice"
Please note that the February 29, 2016 ‘payment advice’ received by certain retirees and beneficiaries regarding the direct deposit of their monthly benefit payment may have contained some incorrect information. The problem is limited to those retirees and beneficiaries whose monthly benefit payment includes a separate deposit or deduction for the Sacramento Credit Union (SCU). Instead of showing the amount of the SCU direct deposit and the amount(s) deposited into another bank account, the payment advice only reported the amount of the SCU direct deposit. This was a reporting error only. The full benefit payment was made and was correctly allocated to and deposited into all the proper bank accounts.
SCERS apologizes to the approximately 400 retirees and beneficiaries impacted by this reporting error and wants to assure those individuals that their full benefit payment was paid into the correct accounts. Corrected notices will be mailed to the affected individuals shortly.
If a retiree or beneficiary has any questions about this matter, please feel free to contact SCERS at (916) 874-9119 and ask to speak with a member of the pension payroll staff.