Direct deposit is the safest, fastest, and most convenient way to receive your retirement plan payments. MSRS is committed to protecting your identity and accounts. We verify direct deposit changes using multiple security measures to confirm you are the person requesting the update.

HCSP and Pension Payments

To change your direct deposit information for the Health Care Savings Plan (HCSP) and Pension:

  1. Contact MSRS to request a Direct Deposit form.
  2. MSRS will mail the form to your address on file.
  3. Complete all sections and sign the form (e-signatures are not accepted).
  4. Mail, fax, or drop off the form to one of our five MSRS office locations.

Note: HCSP and Pension payments must be sent to the same financial institution.

After direct deposit is set up, Pension payments are typically deposited on the first banking day of every month. HCSP monthly reimbursements are typically deposited on the last Friday of every month.
 

MNDCP Payments

To change your direct deposit information for the Minnesota Deferred Compensation Plan (MNDCP):

  1. Contact MSRS to request a Direct Deposit form. OR
  2. Login to your Account Online to update your financial institution information.

Watch the Step-by-Step Guide video to learn more about updating direct deposit for MNDCP payments in your account online.
 

Confirmation of Direct Deposit Change

You will receive confirmation of any direct deposit change after we process your request.