About Pension Payments
Since all pension payments are payable as of the first of a month, as long as you are living on the first, you are entitled to that month’s pension payment. (Example: a check dated March 1 represents your March pension payment. If you died on March 1, you are entitled to that month’s pension payment. However, if you were to die on February 28, your estate is not entitled to the March 1 payment; this payment must be returned.)
You have the option of enrolling in Direct Deposit rather than waiting to receive a check by mail. See Retiree Payment Dates for a mailing timetable. Direct Deposit is the most secure and efficient means by which to receive your monthly pension payment.
Holidays & Weekends
Will I always receive my Direct Deposit pension payment on the first of the month?
This is the most routine question we are asked. Just like the U.S. Postal Service (USPS), banking institutions close on Sundays and holidays. When the first of a month falls on a weekend or holiday, your banking institution dictates when it posts your pension payment to your account. Some banking institutions may post deposits on the prior business day while others may not post deposits until the following business day. Again, the timing of your deposit may vary based on the banking institution you use.
Lost checks may be replaced; however, it may take up to two weeks for a replacement check to be issued. (This is just another reason why you should enroll in Direct Deposit.) If a check is lost or not received, Cook County Pension Fund (CCPF) requires to you to wait at least seven business days after the first of a month to request a replacement.