Member Notice: July 1 Pension Payments with SAC Increase

Pension Payment Summary Letters

As a reminder, following the April Board meeting announcement of a Special Apportionment increase of 8.0%, your monthly pension payment will be updated effective July 1.

If you are receiving a monthly pension payment, you will no longer receive a summary letter from Pension Fund outlining your new payment amount following this increase.

Going forward, this information will be provided directly by BNY, our payment processing partner. BNY will send you a notice that includes:

• Your updated monthly pension amount
• Any applicable withholdings, including your new federal and state withholding amounts

This change aligns with our transition to BNY for pension payments and ensures a consistent and streamlined delivery of your payment information.

No action is required. You will continue to receive your monthly pension payment as scheduled.

If you have questions, please contact our Member Relations team at 866.495.7322 or via email at pfcc1@pensionfund.org.