Connecticut Teachers' Retirement Board EFT Authorization
This file provides details about the Electronic Funds Transfer (EFT) authorization for monthly benefits. It includes instructions and information on how to fill out the form correctly. Essential for benefit recipients looking to set up electronic deposits.
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How do I fill this out?
To fill out this form, begin by providing your personal details, such as your name and address. Next, input your bank information, ensuring it's a personal account. Finally, review your information for accuracy before submission.
How to fill out the Connecticut Teachers' Retirement Board EFT Authorization?
1
Provide your personal information including name and address.
2
Enter your bank details ensuring it's a personal account.
3
Attach a voided check or have your bank complete the necessary sections.
4
Review all information for accuracy.
5
Submit the form to the Teachers' Retirement Board.
Who needs the Connecticut Teachers' Retirement Board EFT Authorization?
1
Retired teachers wanting to receive their benefits electronically.
2
Survivors of deceased teachers to claim their benefits.
3
Individuals applying for disability allowances who wish for direct deposits.
4
Legal custodians managing funds for benefit recipients.
5
Anyone changing their bank account and needing to update the EFT information.
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What are the instructions for submitting this form?
To submit this form, mail it to the Connecticut Teachers' Retirement Board at 165 Capitol Avenue, Hartford, CT 06106. You may also fax your completed form to (860) 525-6018. Ensure that you meet the submission deadline by the first of each month for timely processing of your benefits.
What are the important dates for this form in 2024 and 2025?
The important date for submitting this form is by the first of every month. Ensure timely processing of your monthly benefits by submitting forms early in the month. No other specific dates apply for the year 2024 and 2025.
What is the purpose of this form?
The purpose of this form is to authorize the Connecticut Teachers' Retirement Board to deposit monthly benefit payments directly into recipients' bank accounts. This direct deposit ensures timely and secure access to funds without the hassles of manual deposits. It is essential for all eligible recipients who wish to streamline their payment process for convenience.
Tell me about this form and its components and fields line-by-line.
- 1. Benefit Recipient's First Name: The first name of the benefit recipient.
- 2. Benefit Recipient's Last Name: The last name of the benefit recipient.
- 3. Social Security Number: The Social Security number, required for processing.
- 4. Address Line 1: The first line of the recipient's address.
- 5. Address Line 2: The second line of the recipient's address if needed.
- 6. Bank Account Number: The account number where funds will be deposited.
- 7. Routing Transit Number: The nine-digit routing number of the recipient's bank.
- 8. Monthly Benefit Recipient's Signature: Signature of the benefit recipient authorizing the EFT.
What happens if I fail to submit this form?
Failure to submit this form may result in delays in receiving your benefit payments. You will not be able to enjoy the convenience of electronic deposits, and payments will continue through paper checks instead.
- Delayed Payments: Without submission, benefits may be delayed as checks are sent through the mail.
- Inconvenience: Manual deposits create additional work and potential for lost payments.
- Increased Fraud Risk: Paper checks are more susceptible to theft and fraud compared to direct deposits.
How do I know when to use this form?
- 1. Setting Up EFT for the First Time: New recipients must fill out this form to start receiving electronic payments.
- 2. Changing Bank Details: Existing recipients should use this form to update their bank account information.
- 3. Changing Account Types: Recipients switching from checking to savings accounts must submit this form.
Frequently Asked Questions
What is the purpose of this form?
This form authorizes the Connecticut Teachers' Retirement Board to deposit benefits directly into your bank account.
Who is eligible to fill out this form?
Any retiree, survivor, or individual receiving disability benefits from CTTRB can fill out this form.
How long does it take to process the EFT?
If the completed form is submitted by the first of the month, processing will begin by the end of the month.
Can I change my bank account information after signing up for EFT?
Yes, you must submit a new EFT form with your updated bank account information.
Will I receive notice of my EFT deposits?
You will receive notifications if there are changes to your benefit, but not for every deposit.
What happens if I do not submit the form?
If the form is not submitted, you will receive your benefits by paper check instead of electronically.
Can I cancel my EFT authorization?
Yes, you can cancel your EFT by providing written notice to the Teachers' Retirement Board.
Do I need to include my Social Security number?
Yes, your Social Security number is required for the processing of your benefits.
Is there a deadline for submitting this form?
The completed form must be received by the first of the month for EFT to start that month.
Can I submit this form online?
Currently, submissions must be sent by mail or fax; online submission is not available.
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