Why
- To comply with Executive Order - Modernizing Payments To and From America's Bank Account, PBGC encourages all participants to convert from paper checks to electronic payments.
- Your pension benefit is transferred to your account on the first business day of each month and your funds are available sooner than if you had to cash or deposit the check.
- No more waiting until as late as the 7th of the month for a check.
- No more unnecessary trips to the bank to cash or deposit your check.
- The deposit will be shown on your monthly statement, just like any other deposit.
- You also can confirm the deposit through other methods such as telephone banking, automated teller machines (ATMs), or computer banking services.
- If PBGC receives your form to request a change by the end of the month, the change should be reflected within two pay cycles. For example, change requests received by the end of December should be reflected in your February 1 payment.
How
- Use our online service to apply for or update direct deposit or print, fill out, and mail Form 710 Application for Electronic Deposit. Instructions and mailing address are included on the form.
Last Updated: