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When to Update Your AccountWe recommend reviewing your retired pay account at least once a year to make sure your information is up to date. It might be useful to review a copy of your annual Retiree Account Statement (RAS) each December. You might even consider printing a copy of your most recent monthly eRAS from myPay every few months. Below are a few examples of situations in which you might need to update your account information.
If You've Switched Banks or Opened a New AccountYour banking information is perhaps the most important thing to keep updated. We rely on you to tell us where to send your payments. The sooner you update your direct deposit, the less likely your payment will go to the wrong place.
Please make sure that your payments are going to your new account before you close out your old account. It can take up to 30 days to process a direct deposit change request. Closing out your old account before we’ve updated your bank information can result in missing and returned payments.
If You Move to a New Home or Relocate TemporarilyYou need to update your mailing address whenever it changes. Even if you are only going somewhere warmer for the winter, you should let us know. We’re always mailing letters, account statements, and other important information you won’t want to miss.
If You've Married, Divorced or Added to Your FamilyChanges in the size of your family can affect several aspects of your retired pay account. You should first update your Arrears of Pay Beneficiary, the person who receives your final payment when you die.
If you chose the Survivor Benefit Plan (SBP) when you retired, you might also need to update your SBP beneficiary. Life changing events often increase or decrease the amount of your SBP premium. You should send documentation such as divorce decrees, death certificates and marriage certificates to us as soon as possible. Late notification of a change in your life can result in debts to you or your family.
We also suggest reviewing your Federal and State Income Tax Withholding with a tax professional. We cannot help you choose a withholding amount or offer tax advice, but you may find that gaining or losing a family member will affect your tax liability.
Other Things to ConsiderTake some time to look at your allotments every so often. You might find that you want to start, stop or change the deduction amount on one of them. Also, take note of any allotments going to insurance companies, particularly when moving. If you forgot to give your insurance company or other potential allotment recipients your new address, they may continue to send important mail to your old address.
If you’re a myPay user and your email address changes, please be sure to update it in myPay.
Back to the Change of Address Page
Page updated August 31, 2012