Friday, April 13, 2012
COLUMBIA, S.C. (AP) -- South Carolina's retired public workers will soon be required to receive their monthly payments electronically.
The South Carolina Retirement Systems announced Thursday it will no longer send paper checks starting July 1.
Spokeswoman Megan Lightle says all retirees who receive their money by check received notice of the change and instructions for signing up for direct deposits in their bank account. Retirees who don't provide the necessary information for direct deposits will receive their money through a prepaid debit card starting with July's payment.
The agency says the required electronic payments will reduce risks, improve efficiency and save money for the state retirement plans.
(Copyright 2012, The Associated Press)
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