Regulation .03 Electronic Fund Transfer Procedures.
Regulation .03 Electronic Fund Transfer Procedures.LinkCopy Citation
A.
The Retirement Agency shall transmit a payee’s monthly allowance to the institution designated by the payee as set forth in Regulation .02 of this chapter.
B.
The Retirement Agency shall give each payee who receives an allowance through electronic fund transfer an advice statement at least once per calendar year. The advice statement shall reflect the following:
(1)
The total amount of the monthly allowance;
(2)
Any amounts deducted from the monthly allowance; and
(3)
The portion of the monthly allowance electronically transferred.