Receiving your monthly pension payment

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Receiving your monthly pension payment

IMPORTANT NOTE: The AFTRA Retirement Fund strongly encourages pension recipients to take advantage of the Direct Deposit option (also known as Electronic Fund Transfer and EFT) during the COVID-19 crisis. With direct deposit, your monthly pension benefit payments would be deposited directly into a bank or financial institution of your choice on the first business day of each month.

For more on how to elect the Direct Deposit option CLICK HERE to review, complete, and return the Direct Deposit Authorization form via email, fax or mail.


The AFTRA Retirement Fund offers participants a number of options for receiving monthly benefit payments, which include
:

  • Direct Deposit (also known as Electronic File Transfer/EFT),
  • Live check, or
  • Wire transfer

Participants who meet the requirements to start receiving a pension benefit under the AFTRA Retirement Plan can complete and submit a Pension Application Form to the Retirement Fund within the time specified by the Fund.  The completed pension application cannot be submitted less than 30 days before the anticipated effective date of retirement (BUT NO MORE than 180 days before the anticipated effective date of retirement). The pension benefit will begin on the later of (i) the first day of the month following the month in which your application is filed with the Retirement Fund; or (ii) the first day of the month you specify in your application. 

Receiving your monthly benefit payments:

By Direct Deposit / Electronic Funds Transfer (EFT):
This is the fastest, most cost effective and secured option. Your monthly payment will be deposited directly into your account at the bank or financial institution of your choice (excluding brokerage accounts).  The funds from your pension payment will be available in your account on the first business day of each month.  This option can also protect you from lost or stolen checks and unexpected mail delays.

Who can select this option?
This option is only available to residents of the United States or pensioners with a domestic bank account set up in the United States. It is important to note that the AFTRA Retirement Fund does not offer electronic fund transfers into foreign accounts.

How do I select this option? 
To select the direct deposit option, CLICK HERE to review, complete and return the Direct Deposit Authorization Form to the Fund using the instructions on the form.  For future reference, the Direct Deposit Authorization Form is available online under (“Forms”| “Retirement Forms”). 

What happens if the payment has not cleared in my account?
If you are already set up to receive your payment via direct deposit, and it is the first business day of the month and a payment has not been reflected in your account, please contact your bank or financial institution for information about the status of clearing your benefit payment.

By Check via standard USPS mail:
Monthly benefit payments can also be issued by check and mailed to participants.  For this option, allow 3- 5 business days after the 1st of the month for your payment to arrive in your mailbox. It is important to note that this option is the least secure and you might experience delays outside of the Fund’s control.

Who can select this option?
All participants can elect to receive monthly benefit payments by check via mail.  For participants who reside outside of the United States, checks via mail is the only available option without incurring a fee.   

How do I select this option?
The Retirement Fund will automatically mail your monthly payments by check via mail unless a different option is elected. If you are set up to receive your payment by check via mail, it is important to be sure that the Fund has your most current mailing address. If you’ve recently moved and would like to update your address, CLICK HERE and complete the contact information section of the form.

What happens if it is the 1st of the month and I have not received my check?
In the event of a missing check be sure to contact the AFTRA Retirement Fund’s Participant Services at (800) 562-4690 or CLICK HERE and complete our secure online contact form to request a stop payment no earlier than the 5th of the month.

By Wire Transfer:
Participants can also receive monthly benefit payments via wire transfer, which is processed electronically and is generally available on or about the 1st of each month. Similar to the Direct Deposit option, a Wire Transfer can be a fast and secure option, however, it is only available with a monthly bank fee of $25.00 US dollars.  For those who elect to have their benefit payment made by a Wire Transfer, the bank fee will be deducted from the monthly benefit amount.  

Who can select this option?
While this option is used mostly by participants with foreign bank accounts, it is available to all participants.

How do I select this option?
To elect this option, participants must submit a written request to the Fund office that includes the information, as listed, under numbers 1 and 2:

1. U.S. Bank Information (Note that your foreign bank or financial institution should be able to provide you with the necessary information for a wire transfer from a U.S. based account to your account)

  • Bank or Financial Institution’s name and address- Participants must provide the name and address of the U.S. bank – this can be obtained from your foreign bank or financial institution
  • ABA (routing) Number- (This should reflect a U.S. bank routing number and can be obtained from your foreign bank or financial institution

2. Bank or Foreign Institution’s Information

  • Bank or Financial Institution’s name- Participants must provide the proper name of the designated foreign bank or financial institution
  • Account Number- This is your unique account number and should be associated with the account that will be receiving your funds wire transfer.

IMPORTANT: Before you submit your request, and to avoid potential delay with a wire transfer, please consult with your bank or financial institution to confirm the required wire transfer details listed above. In some instances, your bank or financial institution might be able to provide you with a document which can be submitted with your request to set up your pension payment by wire transfer.

Your wire transfer request must be signed and can be returned to the Fund office using any of the following: 

AFTRA Retirement Fund
Attention: Retirement Services
261 Madison Avenue, 7th floor
New York, NY 10016

What happens if the payment has not cleared in my account?
If you are set up to receive your payment by wire transfer, and it is the first business day of the month and a payment has not been reflected in your account, please contact your bank or financial institution for information about the status of clearing your benefit payment.

For quick reference to other forms visit the Retirement Forms section of the website.