Direct Deposit

Direct deposit is the safest, fastest, and most convenient way to receive your payment. Payments are made directly to your financial institution. To set up direct deposit, complete and submit the Direct Deposit Agreement.  Please note: The direct deposit election you made while actively employed by the State of Minnesota does not apply to your MSRS retirement benefit.

Pension benefit payments will be deposited into your bank account the first business day of each month.

If you do not want direct deposit, a paper check will be mailed to you the first business day of each month; however, it can take up to five days to receive the check.

 

HCSP reimbursements and MSRS monthly pension benefits must use same payment method
MSRS can only accommodate one payment type (check or direct deposit) and if direct deposit is selected, only one bank account number. Therefore, you must use the same payment method for both your HCSP reimbursements and monthly pension benefits.



To notify us of changes to your direct deposit

Type of change

How to report the change

Financial Institution

Complete Direct Deposit Agreement and send to MSRS.

Accounts, but no change to financial institution

Call MSRS to update your information or complete and submit a Direct Deposit  Agreement form.