The proposed amendments call for the disbursement of the benefits every 15th and last day of the month, which previously could be requested to be released earlier upon showing of an extraordinary circumstance.
Also, rather than issuing checks for these benefits payments, the Fund proposes that the benefits payable to annuitants shall only be made by electronic direct deposit into a single account designated in writing by the annuitant, and the account must be in the name of the annuitant.
This proposal intends to start remitting payments via direct bank deposit by April 1, 2012.
The amendments call for the annuitants to designate their direct deposit account on or before March 1, 2012 on a form designated by the Fund and may only be updated once annually on the Fund’s Annuity Recipient Information Update or Form RF-200.
Any request to change the designated annuitant’s account other than the annual update shall be imposed a $25 fee.
The Fund proposes that it will withhold the issuance of the benefits until the annuitants provide the appropriate direct deposit account information.
Lump-sum benefits such as the Single Sum Death Benefit payments shall be paid by check on the 30th of the month following the fund’s acknowledgment of the beneficiary’s application, the proposed amendments also state.
With the proposed amendments scheduled to take effect on April 1, 2012, the annuitants are given enough time to set up their accounts.
Copies of the proposed amendments may be requested by phone at 322-3863 or email [email protected].
These amendments are available on the Fund website at http://www.nmiretirement.com/index.php?option=com_content&view=article&id=178&Itemid=114
