As part of LAGERS’ ongoing efforts to improve our customer experience, we are excited to announce that retirees will soon be able to update their banking information on their myLAGERS account – no more inconvenient trips to the bank or waiting for a paper form to be processed.
Most LAGERS retirees receive their monthly benefit payments via direct deposit. Direct deposit is an electronic transfer of a benefit directly into a bank account. It’s a fast, secure, and convenient way to receive payments without having to wait for a check to arrive in the mail and make a trip to the bank to deposit it.
What does this change mean for my organization’s employees?
If an employee needs to set up or change the account in which their LAGERS benefit is deposited, they can now do so directly on myLAGERS. Previously, this could only be done with a paper form that they had to take to a bank and then mail to LAGERS.
Why is this change happening now?
Getting a paper form signed at the bank is a hassle. As LAGERS continues to make enhancements to online myLAGERS security, we are now able to offer this feature as a secure, convenient way for our members to update their financial information in just a few clicks.
Do I need to do anything?
No! This new feature is automatically available if retirees ever need to update their banking information, but no action is required. New retirees will also benefit from this feature if they apply for retirement on myLAGERS and are setting up their banking information for the first time. No more paper forms, no more trips to the bank, no more hassle.
LAGERS is excited to offer this new feature to make managing retirement even easier. It’s just one of many improvements we’re making to better serve our members.
