Department of Employee Trust Funds
November 6, 2008

Department Moving to Discontinue Paper Annuity Checks
Beginning January 1, 2009

Direct deposit will soon be the only option for Wisconsin Retirement System (WRS) annuitants when the Department of Employee Trust Funds (ETF) begins to phase out paper checks. Beginning January 1, 2009, direct deposit payment will be the only payment method option for all new annuities. Annuitants currently receiving paper annuity checks will be converted to electronic deposit by September 2009. The Social Security Administration made this move several years ago.

Why is this change being made?

For annuitants, direct deposit brings many advantages:

• Payments are delivered to financial institutions quickly.
• Payments are confidentially and securely transferred with no risk of theft, nondelivery or lost payments.
• Payments are available for use on the first banking day of the month.

The WRS trust funds will benefit as well by, among other things, saving on printing and mailing costs.

Most WRS benefit recipients (about 87%) already receive their payments electronically. Therefore, the change to direct deposit will affect a relatively small number of members.

What are the next steps?

• New retirement benefit applicants will complete the direct deposit authorization form automatically included in retirement application packets.
• ETF will send retirees who currently receive a paper check, a letter explaining the change and a Direct Deposit Authorization form (ET-7282) to change the monthly payment to direct deposit.

Where can I get more information?

• Contact ETF at 1-877-533-5020
• Send ETF an e-mail through the “Contact ETF” link on our Internet site, http://etf.wi.gov
• Complete and mail the Direct Deposit Authorization form (ET-7282) to ETF, P.O. Box 7931, Madison, WI 53707-7931.