Section 35IAC1.2-6-9. Direct deposit of benefits

   (a) Direct deposit is the preferred way for members and beneficiaries to receive monthly benefits. A member or beneficiary who does not wish to have payments to the person deposited by direct deposit or another method approved by the board may request a waiver of the requirement of direct deposit or another method approved by the board. The member or beneficiary must:

(1) state the reason for requesting the waiver; and

(2) sign a waiver form.

  (b) PERF shall grant the member's or beneficiary's request for a waiver, approval of which shall not be unreasonably denied, if any of the following apply:

(1) The member or beneficiary currently does not have a savings or checking account.

(2) The member or beneficiary is unable to establish a savings or checking account within the geographic area of the home of the member or beneficiary without payment of a service fee. In support of this reason, the member or beneficiary must submit a written statement of the inability to establish the account without the payment of a fee with the waiver request.

(3) The home of the member or beneficiary is too remote to have access to a financial institution where direct deposit or another method approved by the board may be made.

(4) The financial institution of the member or beneficiary is unable to:

(A) accept direct deposit or another method approved by the board; or

(B) process electronic withdrawal.

The member or beneficiary must submit with the waiver a written statement from the financial institution of the member or beneficiary that the financial institution is unable to accept direct deposit or another method approved by the board or process electronic withdrawal.

(5) PERF determines that the facts of the particular case warrant a waiver of the requirement of direct deposit or another method approved by the board. A member or beneficiary who is in pay status as of July 1, 2009, and is receiving monthly benefits in a manner other than direct deposit or another method approved by the board shall not have the monthly benefits stopped for receiving monthly benefits in a manner other than direct deposit or another method approved by the board.

(Board of Trustees of the Indiana Public Retirement System; 35 IAC 1.2-6-9; adopted Feb 19, 2010: 20100310-IR-035100124ONA)