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'myPay' puts people in control of retirement pay
Posted 9/25/2012 Updated 9/25/2012
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9/25/2012 - CLEVELAND (AFRNS) -- More than a million military retirees and annuitants are using myPay, the official online account management system for military members, retirees, annuitants and Department of Defense employees, to stay on top of their retirement pay accounts.
People use myPay to monitor their pay and survivor benefits, keep their contact and beneficiary information current, and control their allotments, direct deposit and tax withholdings.
More 80,000 retirees have created myPay accounts since the agency began providing a monthly electronic Retiree Account Statement, called the eRAS, last November, according to Defense Finance and Accounting Service officials. Available only on myPay, the electronic statement is a complete summary of pay, deductions and benefits. It includes information about allotments, income tax withholdings, direct deposit and a Survivor Benefit Plan counter that shows how much longer people have to pay premiums.
When people find something that needs to be updated while viewing their eRAS, most account changes can be made in minutes using myPay. There's no need to wait on hold for customer service or send forms in the mail. Changes using myPay take effect in just three to five business days.
Retirees who switch to myPay not only have hands-on control of their pay, but can receive their IRS Form 1099-R and other important documents sooner and more securely than those who rely on traditional mail delivery, said DFAS officials.
The myPay system is available around the clock from anywhere in the world. On myPay people can:
-- View, print or save a Retiree Account Statement
-- View, print or save a Combat-Related Special Compensation Statement
-- Start, stop or change electronic allotments to financial institutions
-- Change a mailing or e-mail address
-- Make changes to direct deposit information
-- View, print or save a IRS Form 1099R
-- Subscribe to the DFAS Retiree Newsletter
To create a myPay account, people can visit https://mypay.dfas.mil and click "Forgot or Need a Password" to have a temporary password mailed to them. When they receive their password, they can return to the myPay home page and click "Create an Account" to get started. Visit www.dfas.mil/retiredmilitary for step-by-step instructions. (Courtesy of DFAS) |
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