Important Update to Our Payment Processing

What’s Changing:

Beginning January 1, 2026, Pension Fund will migrate all disbursement payments to BNY’s benefit payment system. This means that starting on January 2, 2026, all deposits will appear on your bank statement as coming from BNY Mellon, rather than Pension Fund.

Why This Change Is Happening:

This transition is part of our commitment to streamline operations and reduce costs, ensuring we continue to provide secure and efficient service to our members.

What You Need to Do:

• No action is required for most members. Your gross payment amount will remain the same. Please review the timing of payment below if you are receiving a direct deposit.
• On your January 2 payment, please review and confirm all tax withholding amounts. If any changes are needed, please complete the appropriate federal or state tax withholding form (available at www.pensionfund.org/forms) and email it to pfcc1@pensionfund.org.

What You Can Expect:

• Payments will continue without interruption. All recurring pension payments on direct deposit will be credited on the first business day of each month, ensuring timely and predictable disbursements, unless the 1st falls on a bank holiday or a weekend.
• If the first falls on a weekend or holiday, BNY will process the payment on the next business day. Once released, the available date may vary depending on your local bank’s processing schedule.
• BNY uses the most up-to-date federal and state tax guidelines for determining federal and state taxes to be withheld from payments. You may notice a change in the amounts being withheld compared to earlier withholdings.
• One-time electronic distributions will be processed and distributed within two business days of the request.
• Withdrawal requests will no longer offer a choice between net and gross distributions; BNY will automatically calculate all required tax withholdings.
• Your personal and financial information remains secure. The only visible change will be the payor name on your bank statement.

Important Dates:

• Launch: January 2, 2026: First recurring deposit from BNY Mellon.
• Brief processing blackout period: From noon on December 31, 2025 – January 4, 2026 members will not be able to submit any distribution requests on the Member Portal. On Monday, Jan. 5, members can resume distribution requests, with funds available in accounts by Jan. 7th.
• Payment Timing Notice: If the 1st of the month falls on a weekend, recurring payments will be processed on the next business day. In 2026, this will occur in February, March, August, and November (February 1, March 1, August 1, and November 1). Please review and adjust any automatic payments or withdrawals scheduled for these dates.

Questions or Assistance:

Visit our FAQ page. You can also contact our Member Relations team at 866.495.7322 or by email at pfcc1@pensionfund.org. Thank you for your attention to this update and for your continued trust in Pension Fund.