The following is a reminder about the availability of Wisconsin Retirement System (WRS) annuity payments when the first of the month falls on a weekend or holiday.
If payment is an electronic Automated Clearing-House (ACH) deposit: In general, retirees have access to their funds on the next available business day. 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 next available business day.
There may be times when the first of the month falls on a weekend AND your financial institution already has your WRS payment in your account. That is because your financial institution has chosen to make the funds available to you, even though the Federal Reserve technically has not and will not transfer the payment to your bank until the first available 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. Some financial institutions do not process any electronic deposits on Saturdays. You should check with your financial institution regarding its policy on handling deposits for ACH payments that are dated on non-business days (i.e., weekend or holiday).
If 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. (Examples: if the first falls on Saturday, checks are delivered to the post office on Friday; if the first falls on Sunday, checks are delivered on Saturday.) Your actual receipt date will depend on the speed of the mail delivery. If the first falls on a day mail is not delivered, such as a Sunday, the earliest paper checks will begin to arrive is the second day of the month.
If your annuity is currently paid by paper check, you should consider enrolling in the ACH program. You will never again have to check your mailbox on the first day of the month, wondering whether your check will really arrive that day. 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 (toll free) to gain that same security for yourself!