Overview

Without direct deposit, your money travels a long way before it reaches you. First, we authorize the Office of the Comptroller to issue your check. Then, after being printed, folded, and stuffed, your check is entrusted to the U.S. Postal Service for delivery. Days later, your check arrives and it’s up to you to get it to your bank

Why let your money travel this far? Take the shortcut and enjoy the many advantages of direct deposit.

Direct deposit advantages

Convenience

Let us make that monthly trip to the bank for you — no teller lines, no traffic, no bad weather. Your money is in your account on the first banking day of each month, ready for use no matter where you are.

Safety

With direct deposit, you will not ever worry about a lost or stolen check.

Speed

Benefit payments are always deposited in your account on the first banking day of each month. Your money is available on the day of deposit, unlike check deposit funds that may not be available to you for days.

Earn interest

Earn interest on your money earlier if you have your check directly deposited into an interest-bearing account.

Free

Best of all, there is no charge for direct deposit — it is absolutely free. In fact, it may even save you money. Many financial institutions offer free checking accounts and discounted interest rates on loans to direct deposit customers.

How do I sign up for direct deposit?

To join the thousands of other TRS members, annuitants, and beneficiaries who already participate in direct deposit and begin enjoying the many benefits, follow these three easy steps:

1. Complete the top portion of the Depository Agreement for TRS Benefit Payments form. Forms are available through our
   • Forms Order Line at (800) 877‑7896, press 2 when prompted;
   • Member Services Division at (800) 877-7896; and
   • Web site at trs.illinois.gov.
2. Take the depository agreement form to your financial institution. A representative from your financial institution must complete the bottom portion of the form.
3. Return the completed form with original signatures to us along with a deposit slip or voided check. Copies or faxes of the form cannot be accepted.

When will direct deposit go into effect?

If you enroll as part of the retirement application process, your first benefit payment will be deposited into your account or mailed directly to your financial institution.

If you currently receive your benefit by mail, return the depository agreement form no later than the 15th day of the month. Your next check will be mailed directly to your financial institution. In following months, your payment will be directly deposited into your account on the first banking day of each month.

Will I receive a statement?

You will receive a statement following the first deposit and each time the net amount of your benefit payment changes. Each December, you will also receive a statement reflecting all deposits for the year, including all deductions and changes. All statements are provided by the Office of the Comptroller.

Questions?

If you have questions or need additional information, you can contact us.

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