TVARS to follow Social Security in Requiring Direct Deposit
As you may know, the U.S. Department of Treasury is phasing out paper check payments and requiring federal benefit recipients to receive their money electronically. The payments can be paid by direct deposit to a bank or credit union or to a Direct Express Debit MasterCard account. Since May 1, 2011, anyone newly applying for federal benefits, including Social Security, SSI, Veterans Affairs, Railroad Retirement Board, Department of Labor, Office of Personnel Management benefits and other non-tax payments, have been required to use direct deposit or the Direct Express card at the time they sign up for their benefits. March 1, 2013, is the final deadline by which all remaining federal benefit check recipients must receive their money electronically.
The TVA Retirement System (TVARS) will follow Social Security and other federal agencies in requiring direct deposit of monthly retirement benefits by the end of 2013. Choosing direct deposit makes it safer, easier, and more convenient for retirees and beneficiaries to receive their payments. There is no worry about the check being lost or stolen and the money is available immediately. There is no need to wait for the mail to arrive.
This change will apply to anyone who receives a TVARS monthly benefit, including current retirees and beneficiaries. Retirement Management will be notifying benefit recipients who are receiving a paper check about this change and the requirement to change to direct deposit later this year.
Retirees and beneficiaries who have not already elected direct deposit are encouraged to make the change now. Check recipients can sign up for direct deposit by submitting form RS-73, available from the TVARS website at www.tvars.com in the Forms section or by submitting Standard Form 1199A, available from most financial institutions. Any questions related to direct deposit or any other retirement-related questions can be directed to Retirement Management at 865-632-2672 or 800-824-3870.