May 2, 2023
Circular Letter: 200-015-23
Topic: Announcements

To: All CalPERS Employers

Purpose

The purpose of this Circular Letter is to inform you of the upcoming change in electronic funds transfer (EFT) bank vendor from Union Bank to U.S. Bank effective July 1, 2023.

Electronic Payment Processing Changes

On June 30, 2023, after 5:00 p.m., the California Public Employees’ Retirement System (CalPERS) will begin processing EFT payments from myCalPERS through a new bank vendor, U.S. Bank. You need to notify your bank, or your payment may be rejected if your account has existing blocks that require your approval to change.

Processes That Remain Unchanged

The following payment processes remain the same and are not impacted by the bank vendor change:

• 457 Deferred Compensation account payments – This change does not apply to any 457 Deferred Compensation account payments. Continue to make your 457 Deferred Compensation payments through the current process and bank vendor.
• Automated clearing house (ACH) account number – Continue to use the same CalPERS ACH account number.
• Processing times for EFT payments - EFT payments received before 5:00 p.m. are accepted for next-day payment settlement and payments received after 5:00 p.m. are processed by the second business day.

The bank vendor change only impacts EFT payments processed through Union Bank. There is no change to any other banking institutions you may use for processing EFT payments.

How to Set Up a New Account

To request the new U.S. bank account information to set up EFT credit payments, e-mail your request to fcsd_cashiers@calpers.ca.gov by June 30, 2023.

Questions

For any other questions, visit our website or contact the CalPERS Customer Contact Center at 888 CalPERS (or 888-225-7377888-225-7377).

 

Michele L. Nix, Acting Chief Financial Officer
Financial Office