About direct deposit (Electronic Funds Transfer/EFT)

Direct deposit is a safe, convenient way to receive your retirement allowance. You don't have to worry about your check being stolen or lost in the mail, or having to cash the check on your own. If you are still receiving your payment via check, consider changing—90% of our benefit recipients now receive their retirement allowance through direct deposit! To sign up for direct deposit, simply download our Direct Deposit Authorization Form pdf format of Direct Deposit Authorization Form
or call our Cambridge office at 617-679-6877 to request a copy.

Please note:

  • Pursuant to 807 CMR 18, Massachusetts law now requires MTRS members who retire after November 27, 2009 to receive their benefits via direct deposit. Members who retired prior to November 27, 2009 and who currently receive paper checks can sign up for direct deposit at any time.
  • Even if you are on direct deposit, you must keep us informed of any change in address, so that you will receive direct deposit statements, 1099-R tax form and other mailings from us.

To transfer your direct deposit to another bank or to another account within the same bank

To transfer your existing direct deposit of your retirement or survivor benefit:

  • to another bank, complete and return a new Direct Deposit Authorization form. Please note: You should not close your old account until the first deposit has been made to your new bank or you receive a retirement check at home. The process of changing your direct deposit from one bank to another takes approximately two months to complete. Occasionally, before the changeover is completed, one check may be mailed to the address shown on the Direct Deposit Authorization form.
  • to another account within the same bank, simply write to our main office and direct us to change your direct deposit from the old account to the new account. Please be sure to include:
    • your Social Security number,
    • the old account number and type (checking or savings), and 
    • the new account number and type (checking or savings).

If the new account is a checking account, please attach a voided check to your correspondence.


If your check is lost or stolen

  • Lost: Please check the Pension payment schedule for the dates on which your pension checks are mailed. If you do not receive your retirement check after one week of the check mailing date, send us a letter stating that your check has been lost and requesting that we stop payment on the check. (Please note that we must wait at least five business days from the check mailing date before we can stop payment.) Please allow two weeks for the replacement to be sent.
  • Stolen: Please call our main office immediately, at 617-679-MTRS (6877).

Direct deposit statements are only mailed when...

  • your first direct deposit is made;
  • 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);
  • the MTRS needs to inform retirees of new information and prints a special notice on the top portion of the direct deposit statement; and
  • the MTRS provides you with your year-end statement in December, showing your complete year-to-date information for the calendar year.

For more information, see our Pension check message archive.