Why You Should Have a myPay Account
The key to effective day-to-day management of your retirement pay is creating and maintaining a myPay account. myPay is the most important tool for managing your pay. In addition, the email address you enter into myPay is our primary way of staying in touch with you and keeping you current. For retirees and annuitants, there is nothing more important than creating, using and maintaining the security of their myPay account.
On top of all that, myPay recently added new features that make it an even more vital tool for military retirees and annuitants. There are:
- Verification of Pay
- Prior Year Tax Statements
- Pay Garnishment Documentation
Verification of Pay
Getting the paperwork together for a loan application can get complicated, especially for mortgages and other high value loans that require verification of pay from your payroll office. This feature allows military retirees to easily download official pay verification statements without calling, mailing, or faxing requests to the Defense Finance and Accounting Service.
Whether it’s for a loan, business transaction or legal proceeding, military retirees with a myPay account can get an official pay verification statement on DFAS letterhead to print from the convenience of their own home.
Prior Year Tax Statements
Tax statements such as the IRS Form 1099R are used by military retirees for filing or correcting federal and state tax returns, adjusting income tax withholding rates, and a variety of other planning and legal business.
With your online myPay account, you can now have access to up to five years worth of 1099Rs to help keep your personal financial and legal concerns in order.
Defaults on commercial loans or court-ordered support for former spouses and children can result in pay garnishments for any of the 6.6 million payroll customers of the Defense Finance and Accounting Service.
While the agency’s Garnishment Law Directorate division is tasked with ensuring each court order or instructions for DoD authorities are valid before starting involuntary pay deductions, individual customers may not have seen or misplaced the documents establishing their individual garnishments.
The latest updates to the myPay pay management system serving U.S. military members, military retirees and federal civilian employees from a number of departments and agencies now allows users to view documents issued by U.S. civil courts or military service related to any garnishments on their pay.
Commercial debt and spousal or child support orders will be available for 30 days for military members, military retirees and federal civilian employees following the date the order/letter is received by myPay. Military members will also have access to Military Commercial Debt Orders for 90 days from the date it is received by myPay.
According to DFAS officials, the ability for each user to view any documents used to begin pay garnishments is intended to save the time and effort necessary to file a request via phone, mail or fax.