| Topic: | Retirement Benefit |
| Subtopic: | Benefit Payments: Replacement Checks |
| Date: | 2/28/2020 |
| Status: | Active |
WHEREAS, some checks issued by the Fund in payment of annuities or other benefits are reported lost, stolen, destroyed, or not received each month, thereby making it necessary to stop payment and issue replacement checks, and
WHEREAS, the Fund can recover overpayments if periodic payments such as monthly annuities or disability benefits are being paid, but recovery is more difficult when the check is a lump sum, single payment refund or death benefit, and
WHEREAS, it is desirable for the efficient administration of benefits that rules be established in cases where benefit checks are reported as lost, stolen, destroyed, or not received and need to be replaced by the Fund after adequate assurance that the check has been lost, stolen, destroyed, or not received,
THEREFORE, IT IS HEREBY RESOLVED,
a. That replacement checks for periodic payments be issued to annuitants or disability beneficiaries no sooner than 15 days from the date of issuance of the original check, and
b. That replacement checks for non-periodic payments under $500 be issued to payees no sooner than 25 days after the date of issuance of the original check, and that replacement checks for non-periodic payments of $500 or more be issued to payees no sooner than 40 days after the date of issuance of the original check.