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July 31, 2013

State Treasurer's Office Issues Notice on Processing Delay of Payments to Retirees of the State Teacher's Retirement System

The State Treasurer’s Office has issued the following statement regarding a processing delay by TD Bank and the receipt of electronic payments to retirees of the Vermont State Teachers’ Retirement System:

“The State Treasurer’s Office was notified this morning by TD Bank, the State of Vermont’s bank of record, that it did not process banking files sent to them on time for electronic payment to 7,059 retirees of the Vermont State Teachers’ Retirement System. As a result, funds normally available to these retirees on July 31, 2013 will not be available until 8 a.m. August 1, 2013. The exception will be retirees who are customers of TD Bank who will have their funds available later today, July 31, 2013. This banking delay on the part of TD Bank only impacts retirees who normally receive their monthly pension payment electronically.

TD Bank has assured the State Treasurer’s Office that all late charges, overdrafts or any financial penalties assessed on impacted retirees as a direct result of this processing delay, will be covered in full by TD Bank.

Retirees with a question regarding the availability of their pension payment may contact the State Treasurer’s Office at (802) 828-2305 through 8 p.m. tonight and during regular office hours on Thursday, August 1. Retiree also may contact TD Bank with questions by calling 1-888-751-9000.

Staff from the State Treasurer’s Office will be contacting the banks of each retiree to ensure that additional questions or concerns regarding the availability of funds are addressed.”

Press Contact: Beth Pearce (802) 828-1451 or Lisa Helme (802) 828-3706

Statement by TD Bank

Media contact: Maria Leung, Director of Corporate & Public Affairs (856) 813-4227

Due to a processing delay, TD Bank did not make its usually scheduled direct deposit payments to members of the Vermont State Teachers’ Retirement System on July 31. TD Bank apologizes for the inconvenience. All non TD Bank customers will receive their direct deposit on Thursday, August 1. TD Bank customers will receive it later today, Wednesday, July 31. TD Bank will work with affected retirees and will cover any late charges and NSF fees directly related to this problem. The Retirement Division in the Vermont State Treasurer’s Office will coordinate this response.

Source: State Treasurer's Office
Last Updated at: July 31, 2013 14:09:51
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