Processing Changes to be Effected June 30, 2009

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Processing Changes to be Effected June 30, 2009

Important Notice

To: Annuitants with Sacramento Credit Union Deductions
Date: April 23, 2009
Re: Processing Changes to be Effected June 30, 2009

Overview 

As part of a County-wide effort to improve payroll processing, the current deduction process for the Sacramento Credit Union will be converting to a Direct Deposit process. This improvement will be implemented on June 1, 2009, which means that annuitants of SCERS will see a change on their June 30 remuneration statement (“payment advice”).

If you currently have amounts deducted from your SCERS payment and remitted to the Sacramento Credit Union (“SCU”), we want to assure you that this change will not affect the amount or timing of your retirement benefits. The only noticeable change will be that the SCU amount will be described as a “Direct Deposit”, instead of the “deduction” referenced in the monthly payment advice that SCERS currently distributes.

Impact

As part of the change reviewed above, you will soon be able to transmit Direct Deposits up to three different financial institutions. This added flexibility will be available for benefits provided after June 30 and will work as follows:

If you currently have a deduction to SCU and a Direct Deposit to another financial institution, you will then have two direct deposits. The SCU deduction will be converted to a Direct Deposit and your net pay will continue as a direct deposit to the financial institution on record with SCERS.

If you currently have a separate deduction and Direct Deposit to SCU, the existing deduction will be combined with the existing Direct Deposit and the total will be remitted to SCU for deposit to the corresponding accounts.

Additional Items 

Although the change reviewed in this memo will not affect the amount or timing of deductions in place with SCERS or require you to file any new forms with SCERS, SCU may distribute other paperwork for your signature and review. With this in mind, pay close attention to any correspondence that you receive from SCU over the next few weeks.

If you have questions, please call SCERS at (916) 874-9119 and ask for Pension Payroll.