PERS discovered an error in an automatic deposit code that directed July 1, 2011 benefit payments to be deposited in retiree savings accounts rather than checking accounts. PERS is notifying financial institutions of the error and asking for their assistance.
Many financial institutions have recognized the coding error and deposited these funds into the correct account. For some PERS retirees, the institution deposited the benefit payment as coded into their savings account rather than checking account. Those retirees will need to contact their financial institution to transfer the funds to the correct account.
For some retirees, the financial institution rejected the deposit and those benefit payments did not post. PERS is working with these institutions to correct the coding error and re-post the benefit payment as soon as possible.
The issue will be resolved for the August 1, 2011 benefit payments.
We apologize for any inconvenience.
If your direct deposit was not made to either your checking or savings account, please contact PERS at 1-888-320-7377 or 503-598-7377.
Click here for a letter to financial institutions regarding overdraft fee waiver.