Pensioners
Pension Payments
Monthly pension benefits are paid by direct deposit to a bank account titled in the pensioner's name and Social Security number. Payments are made one month in arrears and payable the first business day of the month.
Direct Deposit of monthly pension benefit payments are issued to banks payable on the 1st business day of the month. The banking system in the U.S. does not process payments on weekends or holidays. Contact your bank or financial institution regarding accessibility of these funds (because of holidays and weekends).
Direct Deposit Changes
The Retirement Office must receive notification of any Direct Deposit changes (a new signed notarized Direct Deposit authorization form) by the 10th day of a month to ensure timely processing for the next monthly benefit payment. The Retirement Office may periodically require renewal authorizations to keep Direct Deposit agreement in effect.
Death Benefits for Retired Members
The beneficiary of CRS Retirees who retired on or before July 1, 2011 are eligible to receive a $5,000 burial benefit. Death Benefit payments for deceased Retirees normally take 60 to 90 days to process. The death benefit paid for a deceased CRS retiree is taxable for federal and state income tax purposes. Federal taxes will be withheld from this particular payment (20% withholding if the beneficiary is the member’s spouse; 10% withholding if the beneficiary is anyone else). The tax liability for the death benefit paid is the responsibility of the recipient.