New York State Retirees Get Extra Payment This Month

Many New York State retirees received two pension payments in May due to a bank error leaving many scratching their heads.

New York retirees who receive pension payments each month from New York State have reportedly ended the month of May with an extra direct deposit payment in their accounts according to the New York State Comptrollers Office.

"Due to an error, many of you received two direct deposit pension payments for May."

 

New York State Pension Payment Error

The banking error left many retirees wondering how something like this could happen with hundreds leaving comments on the New York State & Local Retirement System's Facebook page saying things like, "Yes that was quite a shock this morning", "I thought it was a performance bonus. I’m really good at being retired!"

Thankfully for all of the affected retirees, the banking error has been resolved, and the extra payment is now scheduled to be withdrawn from each banking account by May 31st according to the state comptroller.

What New York State Retirees Should Expect

Retirees who did receive an extra payment should expect to see three pension payment-related transactions in their accounts over the next few days: 2 deposits and 1 withdrawal. The State Comptroller's Office did assure all retirees that the pension payment that remains in the affected accounts will be accurate.

"Rest assured, the pension payment which remains in your account will be accurate. We appreciate your patience and apologize for any inconvenience."

One retiree wondered what would happen if they already spent the extra payment before it was removed from their account saying, "Will they fine me if I already spent it?" The answer is NO they wouldn't fine anyone but they would definitely make sure that the money was returned to the State one way or another.

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For more information on the banking error, retirees can check out the NYS Retirement Direct Deposit Program online here.