Department of Employee Trust Funds
Revised August 28, 2018
When Are Annuity Payments Available?
Under state law, monthly Wisconsin Retirement System annuity payments are payable on the first day of the month. The chart below shows upcoming 2018 payments affected when the first falls on a Saturday, Sunday or holiday:
|Saturday, September 1, 2018
||Tuesday, September 4, 2018*
|Saturday, December 1, 2018
||Monday, December 3, 2018
* The Labor Day holiday is observed on Monday, September 3, so the first business day after is Tuesday, September 4.
The following is a reminder about the availability of annuity payments when the first of the month falls on a weekend or holiday.
If your payment is an electronic Automated Clearing House (ACH) deposit: In general, you will have access to your funds on the first business day of each month. Federal rules provide that if the payment date falls on a weekend or holiday, the “settlement date” — the date a financial institution actually receives the money from the Federal Reserve — is the first business day.
There may be times when the first of the month falls on a weekend AND your financial institution already has your annuity payment in your account. That is because your financial institution has chosen to make the funds available to you, even though the Federal Reserve will not transfer the payment to your bank until the first business day. This is an individual decision made by each financial institution — some will not allow members to access these deposits until the funds are actually received from the Federal Reserve, while others allow it.
Similarly, some financial institutions do not process any electronic deposits on Saturdays. You should check with your financial institution regarding its policy for handling ACH payments that are dated on non-business days (i.e., weekend or holiday).
If your payment is a paper check: The Department of Administration prints the checks and delivers them to the post office on the last mailing day of the month. (Example: if the first falls on a Saturday, checks are delivered to the post office on Friday.) Your actual receipt date will depend on the speed of the mail delivery. If your annuity is currently paid by paper check, you should consider changing to ACH payments.
Even though there are times when ACH payments may be delayed by a day or two due to federal banking rules, ACH is by far the fastest, most secure way to receive your payments. Today, 99% of WRS annuitants are enrolled in ACH and enjoy the security of knowing where their money is on the first of the month. Call us at 1-877-533-5020 to gain that same security for yourself!