§ 34.1. Benefit payments.
(a) Monthly payments.
Unless otherwise provided, all retirement allowances or other benefits paid by this System shall be paid monthly.
(b) Retirement allowances.
Unless otherwise provided, retirements for all members and beneficiaries of this System take effect on the 1st day of a calendar month and shall be paid on the 15th day of that calendar month.
(c) Death and survivorship benefits.
(1) Death and survivorship benefits for beneficiaries payable under this subtitle take effect on the 1st day of the calendar month following the month in which the member dies and shall be paid on the 15th day of that calendar month.
(2) For the calendar month in which the death of a retired member or beneficiary occurs, this System shall owe and pay the entire monthly allowance due to a retired member or beneficiary.
(d) Direct deposit for periodic benefit payments.
(1) "Periodic benefit payments" defined.
(i) "Periodic benefit payments" means all periodic benefit payments made by this system.
(ii) "Periodic benefit payments" does not include any one-time, lump-sum payment.
(2) Direct deposit required.
Except as provided in paragraph (3) of this subsection:
(i) all periodic benefit payments made by this system shall be paid by electronic funds transfer; and
(ii) each recipient of periodic benefit payments shall:
(A) designate a financial institution or other authorized payment agent; and
(B) provide the system with the information necessary for the recipient to receive electronic funds transfer payments through the payment agent so designated.
(3) Waiver for hardship.
(i) The Board of Trustees may waive the requirements of this section on written request of a recipient of periodic benefit payments demonstrating hardship to receive funds by electronic transfer.
(ii) Periodic benefit payments shall be paid to any recipient granted a waiver under this paragraph by any method determined appropriate by the Board of Trustees.