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In a continuing effort to reduce costs and increase
efficiencies, OP&F will be changing how benefit recipients receive
information about their monthly benefit. Effective January 1, 2009, benefit
recipients will no longer automatically receive a statement every month that
shows information regarding their benefit.
Rather than receive a statement each month, members will be
able to review their monthly statements online by January. OP&F will be
adding a secure section to its Web site allowing members to view and print
The OP&F Board of Trustees approved the plan where
statements are mailed only in the months that a member�s benefit amount
changes. For example, if a member receives a Cost of Living Allowance increase
in July of each year, that member would receive a statement reflecting the new
amount as well as any associated additions and deductions. Statements will also
be mailed any time the net amount of the benefit changes. In addition, members
automatically receive a year-end statement, regardless of whether or not there
is a change in the net benefit.
Currently, OP&F mails statements to approximately
28,000 benefit recipients every month. Nearly every month these statements are
exactly the same and show the same additions or deductions on each statement.
OP&F believes that the cost savings of eliminating these repetitive
statements is a prudent business decision. In 2007, OP&F spent $130,000
printing and mailing monthly benefit statements. Sending statements only when
the benefit amount changes would significantly reduce this cost.
The other change in effect beginning January 1, 2009, will require
benefit recipients to enroll in electronic direct deposit. Currently, 91 percent
of OP&F benefit recipients use the convenience of Direct Deposit. Direct
Deposit remains the easiest, most reliable, timely and also the most secure
method of receiving your benefit. Direct Deposit enrollment forms are available
on the OP&F Web site and also by
contacting OP&F Customer Service at 800-860-9599.
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