Retirees: Your check stub or direct deposit statement

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Your check stub or direct deposit statement

How to read your statement

“Earnings” box (first column) Your gross pay is broken into the following components:

BASE: Your total monthly benefit amount plus any past cost-of-living adjustments (COLAs).
COLA: The monthly amount for the current year’s COLA, if any. For example on check stubs and direct deposit statements for July 2007 through June 2008 payments, “COLA” refers to the FY2008 COLA.
BASE-ADJ: If applicable, the amount of an adjustment to your payment.

Note: In the past, “Earnings” were shown as “Annuity,” “Pension” and individual annual COLAs, if any. We found, however, that this presentation was often confusing to our benefit recipients, and, as of July 2006, combined these amounts under “BASE.”

“Deductions” box (second column) If you receive your insurance coverage through:

the state’s Group Insurance program, the amount withheld for your group health and life insurance premium will be listed as “GROUP INS,” and any amount withheld for a dental insurance premium will be listed as “GIC DNTL.”
your school district’s program, an individual premium amount for each type of insurance coverage will appear:
- MEDICAL D: Cost of the first health insurance which you carry through your group insurance program.
- MEDICAL 1: Cost of a second health insurance coverage if your spouse is included in your coverage.
- DENTAL: Cost of your dental coverage (if offered by your group insurance program)
- LIFE INSU : Cost of your basic life insurance (normally, between $1,000 and $5,000 worth of coverage). You can contact your Benefits Coordinator at your district to determine the value and beneficiaries of your life insurance policy.
- OPTIONAL: Cost of any optional life insurance coverage you may have (if offered by your group insurance program)

If you receive your benefit by direct deposit (also known as electronic funds transfer), you will note that your bank’s routing number, your bank account number and the type of account are also listed on the statement. For security purposes, only the last four digits of your banking numbers appear; the initial members are replaced with Xs.

Direct deposit statements are only mailed:

when your first direct deposit is made;
when there is a change in the amount of your direct deposit from the prior month (for instance, if you change the amount of your federal tax withholding or your insurance premium changes);
when the MTRS needs to inform retirees of new information and prints a special notice on the top portion of the direct deposit statement; and,
at the end of December, when the MTRS provides you with a statement that shows your complete year-to-date information for the calendar year.