Direct Deposit

Payment of Benefits

Prior to retirement, you must complete a Direct Deposit Authorization form. You can find the link to this form through the Member Portal.

Benefits are paid on the last working day of each month. Refer to the chart on the right for more information.

Changes to a Direct Deposit Account

You can update the bank account that your monthly benefits are deposited into in the Member Portal. You must have the new account on file no later than the 5^th day of the month your benefits are to deposit.

Keep your old bank account open and active until changes have been processed by OPERS and your benefits have begun showing up in your new account. Failure to file correct paperwork in a timely manner could result in a lengthy delay in benefits being paid.

Changes to Benefits

OPERS benefits typically only change once per year, in January, due to changes in tax tables and insurance premiums. Locate the Benefit Change Notice in the Member Portal to view the gross amount, total withholdings, and net amount of your benefits. Members can use the Member Information or Document Request form to request an Income Verification Letter to show proof of income to a third party.

Exception to Direct Deposit Requirement

Effective July 1, 2001, newly-retired members are required to receive monthly benefit payments via electronic fund transfers to the member’s banking or financial institution. In the event the electronic fund transfer creates an undue hardship on the retired member, the member may apply for a waiver of this requirement.

The waiver can only be granted by the Executive Director when it is determined to be in the best interest of the member. The Executive Director, at their sole discretion, may also waive this requirement when it is necessary in the best interest of the System to do so.