Overview
The Hawaii Direct Deposit form, officially known as Form ERS-210, plays a crucial role in ensuring that retirees and beneficiaries of the Employees’ Retirement System (ERS) receive their retirement benefits seamlessly. Enacted under Act 94 by the Hawaii Legislature in 2010, this law mandates that all individuals receiving ERS benefits designate a financial institution for direct deposit. This form is structured into several sections, each serving a specific purpose. Section A focuses on deposit authorization, requiring signatures from all account holders to allow the ERS to deposit benefits directly into the designated account. Section B collects essential account information, ensuring that the retiree’s name appears on the account, while Section C outlines the agreements that all account holders must acknowledge, including consent for the ERS to withdraw funds in case of overpayments. Lastly, Section D captures the necessary signatures, confirming that all parties understand their responsibilities. It is important to note that any alterations to the form necessitate the completion of a new one, and a voided check or deposit slip must accompany the submission. For any questions or assistance, the ERS provides contact information to guide users through the process.
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Act 94/SLH 2010 (Rev. 9/2011)
INSTRUCTIONS FOR
DIRECT DEPOSIT AGREEMENT (FORM
In 2010, the Hawaii Legislature passed a law, effective April 1, 2011, requiring all retirees and beneficiaries of the Employees’ Retirement System of the State of Hawaii ("ERS") to designate a financial institution into which the ERS shall be authorized to deposit their ERS retirement benefits.
All portions of the Direct Deposit Agreement (Form
Section A – Deposit Authorization
By signing the Direct Deposit Agreement, you and all account holders authorize the ERS to automatically and directly deposit your ERS benefits to the Financial Institution named in Section B.
Section B – Account Information
The retiree or beneficiary’s name must appear on the account. You may ask the representative of the financial institution to help complete this section.
Section C – Agreements of All Account Holders
This section contains the agreements of everybody who is on the account, including the ERS retiree or beneficiary. The agreements in Section C apply to all Account Holders even if they are not the retiree or beneficiary receiving ERS benefits.
Section D – Signatures of All Account Holders
By signing the Direct Deposit Agreement, all of the Account Holders confirm that they understand and agree to the agreements in Section C.
The retiree or beneficiary signs as primary account holder. If the account is a joint account, please have all account holder(s) sign the form. Use an additional sheet if necessary. If you are representing the retiree or beneficiary, please ensure that you have any authorizing document(s) attached to the Direct Deposit Agreement (Form
Please attach a VOIDED check (Checking Account) or deposit slip (Savings Account) and return this form to the ERS.
If you have any questions, please contact the ERS at:
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(808) |
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Toll Free from neighbor islands: |
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Toll Free from mainland: |
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ERS Website: |
http://www4.hawaii.gov/ers |
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Mailing Address: |
Employees’ Retirement System |
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201 Merchant Street, Suite 1400 |
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Honolulu, HI |
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Act 94/SLH 2010 (Rev. 9/2011)
EMPLOYEES’ RETIREMENT SYSTEM OF THE STATE OF HAWAII
201 Merchant Street, Suite 1400
Honolulu, Hawaii
DIRECT DEPOSIT AGREEMENT
LAST Name:
FIRST Name:
Mailing
Address:
Check here if
new address
SSN:
Middle Initial:
Day Phone:
Effective April 1, 2011, Hawaii law requires all retirees and beneficiaries receiving benefits from the Employees' Retirement System of the State of Hawaii ("ERS") to designate a financial institution into which the ERS shall be authorized to deposit their ERS retirement benefits.
SECTION A – Deposit Authorization
By signing in Section D, I/We hereby authorize the Employees’ Retirement System of the State of Hawaii (“ERS”) to automatically and directly deposit my ERS benefits to my/our account at the financial institution named below (“Financial Institution”).
SECTION B
Name of Account Holder(s):
Name of Financial Institution:
Routing Number: |
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Account Number: |
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□ Checking |
□ Savings |
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Financial Institution Certification (Optional): |
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Name of Agent: ________________________________________ |
Phone: ___________________ |
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Signature: |
________________________________________ |
Date: _____________________ |
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SECTION C – Agreements of All Account Holders
By signing in Section D, the Account Holder(s):
•Authorize the ERS to make withdrawals from my/our account in the event that the ERS benefits have been deposited to the account in error, e.g., overpayments.
•Consent to the disclosure by the Financial Institution to the ERS of any information that the ERS requests to effectuate, administer, or enforce the transactions authorized in Sections A, C, and D.
•Agree not to hold the ERS responsible for any delay or loss of funds due to incorrect or incomplete information supplied by me/us or by Financial Institution or due to an error on the part of Financial Institution in depositing funds to the account.
SECTION D – Signatures of All Account Holders
Authorized Signature (Primary): |
Date: |
Authorized Signature:
Date:
Please attach a VOIDED check (Checking Account) or deposit slip (Savings Account) and return this form to the ERS.
How to Fill Out Hawaii Direct Deposit
After completing the Hawaii Direct Deposit form, you will submit it to the Employees’ Retirement System (ERS) for processing. Ensure that all required sections are filled out accurately to avoid any delays in your retirement benefits being deposited into your designated account.
- Obtain the Hawaii Direct Deposit Agreement form (ERS-210).
- Fill in your last name, first name, middle initial, mailing address, and Social Security Number (SSN) in the designated fields.
- Indicate your day phone number.
- In Section A, authorize the ERS to deposit your benefits by signing your name in Section D.
- Move to Section B and provide the name of the account holder(s) and the name of the financial institution.
- Ask your financial institution for the routing number and account number, and indicate whether the account is checking or savings.
- If applicable, have the financial institution complete the certification section, including the name and signature of the agent.
- In Section C, review the agreements and understand that by signing in Section D, all account holders are agreeing to these terms.
- All account holders must sign in Section D, including the primary account holder, and provide the date of their signature.
- Attach a VOIDED check if you have a checking account or a deposit slip if you have a savings account.
- Submit the completed form and attachments to the ERS at the address provided.
Common mistakes
Completing the Hawaii Direct Deposit form can be straightforward, but many individuals make common mistakes that can lead to delays or complications in receiving their retirement benefits. Understanding these pitfalls can help ensure a smooth process.
One frequent error is failing to provide complete account information. In Section B, all details must be accurate, including the routing number and account number. Omitting or incorrectly entering any of this information can prevent the direct deposit from being processed. It is advisable to double-check these numbers with your financial institution before submission.
Another mistake involves not including all necessary signatures. Section D requires the signature of all account holders. If the account is joint, each holder must sign the form. Missing a signature can render the form invalid, causing delays in the deposit of benefits. It is crucial to ensure that everyone involved is aware of their responsibility to sign.
Some individuals neglect to attach the required documentation, such as a voided check for checking accounts or a deposit slip for savings accounts. This attachment is essential for verifying the account information provided. Without it, the form may be returned or delayed, impacting the timely receipt of benefits.
Additionally, alterations to the form can lead to issues. If any part of the Direct Deposit Agreement is changed, a new form must be completed. Many people mistakenly think that minor corrections are acceptable. However, to avoid complications, it is best to start fresh with a new form whenever changes are necessary.
Another common oversight is not updating the form when there are changes to account information. If an account holder changes their financial institution or account number, a new form must be submitted. Failing to do so can result in funds being deposited into the wrong account, leading to financial difficulties.
Finally, some individuals do not take the time to read the entire form and its instructions. Understanding the requirements and agreements outlined in Sections A, C, and D is crucial. Ignoring these details can lead to mistakes that may delay the processing of benefits. Taking the time to carefully review the form can save significant hassle later on.
Documents used along the form
The Hawaii Direct Deposit form, known as Form ERS-210, is essential for retirees and beneficiaries of the Employees’ Retirement System to ensure their retirement benefits are deposited directly into their chosen financial institution. Along with this form, several other documents may be required to facilitate the process or provide additional information. Below is a list of commonly used forms and documents that may accompany the Direct Deposit Agreement.
- Voided Check: A check from the retiree's checking account that has "VOID" written across it. This document verifies the account number and routing number for direct deposits.
- Deposit Slip: A slip from the retiree's savings account that includes the account number and bank information, used to confirm the account details for direct deposit.
- Power of Attorney: A legal document that allows one person to act on behalf of another. This may be necessary if someone is submitting the Direct Deposit Agreement for the retiree.
- Identification Documents: Valid forms of ID, such as a driver's license or passport, may be required to verify the identity of the retiree or beneficiary.
- Retirement Benefit Statement: A document that outlines the retiree's benefits, which may be needed to confirm eligibility for direct deposit.
- Change of Address Form: If the retiree has moved, this form updates the ERS with the new mailing address to ensure proper communication.
- Tax Forms: Documents such as W-4P may be necessary to determine tax withholding on retirement benefits.
- Bank Authorization Form: Some banks may require a specific form to authorize direct deposits into an account, separate from the ERS form.
- Beneficiary Designation Form: This form designates who will receive benefits in the event of the retiree's death and may need to be updated alongside the Direct Deposit Agreement.
- Divorce Settlement Agreement: A comprehensive outline that details the terms of a divorce settlement, crucial for ensuring clarity and protection of rights during the separation process, often referenced in legal contexts; for more details, please refer to the Divorce Contract.
- Financial Institution Certification: A document that may be filled out by a bank representative to verify account details and confirm the retiree's relationship with the financial institution.
These documents collectively support the processing of the Hawaii Direct Deposit Agreement and ensure that retirees receive their benefits securely and efficiently. It is advisable to review all requirements carefully and consult with the Employees' Retirement System if there are any questions or concerns.
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Obtain Answers on Hawaii Direct Deposit
What is the purpose of the Hawaii Direct Deposit form (ERS-210)?
The Hawaii Direct Deposit form, known as ERS-210, allows retirees and beneficiaries of the Employees’ Retirement System (ERS) to authorize automatic deposits of their retirement benefits into a designated financial institution. This process ensures that benefits are received securely and efficiently.
Who is required to complete the Direct Deposit Agreement?
All retirees and beneficiaries receiving benefits from the ERS are required to complete the Direct Deposit Agreement. This requirement was established by a law passed by the Hawaii Legislature, effective April 1, 2011. It applies to all individuals receiving retirement benefits from the ERS.
What information is needed to complete the form?
To complete the form, you will need the following information:
- Your name and Social Security Number
- Your mailing address
- The name of the financial institution where you want your benefits deposited
- Your account number and routing number
- Indication of whether the account is a checking or savings account
Additionally, all account holders must sign the form to validate the agreement.
What should I do if I need to change my account information?
If there are any changes to your account information, such as a new account number or a change in the financial institution, you must complete a new ERS-210 form. The most recent form submitted will take precedence over any previous submissions.
Is it necessary for all account holders to sign the form?
Yes, it is necessary for all account holders to sign the Direct Deposit Agreement. This includes the retiree or beneficiary as the primary account holder. If the account is joint, all account holders must provide their signatures to validate the agreement.
What happens if the form is altered?
If there is any alteration to the Direct Deposit Agreement form, it will be considered invalid. You must complete a new form to ensure that your direct deposit instructions are properly authorized and processed.
What documents need to be submitted with the form?
When submitting the ERS-210 form, you must attach a VOIDED check if you are using a checking account or a deposit slip if you are using a savings account. This documentation helps verify your account information and ensures accurate deposits.
Who can I contact for assistance with the form?
If you have questions about the Direct Deposit Agreement or need assistance, you can contact the ERS directly. The contact numbers are as follows:
- Oahu: (808) 586-1735
- Toll Free from neighbor islands: 1-(800) 468-4644 Ext. 61735
- Toll Free from mainland: 1-(888) 659-0708
You can also visit the ERS website at http://www4.hawaii.gov/ers for more information.
Document Attributes
| Fact Name | Details |
|---|---|
| Governing Law | The Direct Deposit Agreement is governed by Act 94/SLH 2010, effective April 1, 2011. |
| Form Requirement | All sections of the Direct Deposit Agreement (Form ERS-210) must be fully completed for the form to be valid. |
| Account Changes | A new form must be submitted if there are any changes to the account, such as account number or financial institution. |
| Authorization | By signing the form, all account holders authorize the ERS to deposit retirement benefits directly into the designated financial institution. |
| Account Holder Name | The retiree or beneficiary’s name must be on the account receiving the ERS benefits. |
| Joint Accounts | If the account is joint, all account holders must sign the form to confirm their agreement. |
| Documentation Requirement | A voided check or deposit slip must be attached when submitting the Direct Deposit Agreement. |
| Contact Information | For inquiries, the ERS can be contacted at (808) 586-1735 or through their website. |
Misconceptions
Understanding the Hawaii Direct Deposit form is essential for retirees and beneficiaries of the Employees’ Retirement System (ERS). However, several misconceptions often arise regarding this important document. Here are eight common misunderstandings, along with clarifications.
- All retirees are automatically enrolled in direct deposit. This is not true. While the law mandates that retirees must designate a financial institution for their benefits, they must actively complete and submit the Direct Deposit Agreement (Form ERS-210).
- Only the primary account holder needs to sign the form. This misconception overlooks the requirement that all account holders must sign the form. Each individual associated with the account must agree to the terms outlined in the agreement.
- Changes to account information can be made verbally. Changes must be documented through a new form. If there are any alterations, such as a change in account number or financial institution, a new Direct Deposit Agreement must be submitted.
- A voided check is not necessary for submission. In fact, attaching a voided check or deposit slip is a critical step. This ensures that the ERS has the correct account information for direct deposits.
- Direct deposit is optional for all beneficiaries. The law requires all beneficiaries to designate a financial institution for their retirement benefits. This requirement applies to everyone receiving benefits from the ERS.
- Once submitted, the form never needs to be updated. This is incorrect. If there are any changes to the account or if the retiree wishes to switch financial institutions, a new form must be completed and submitted.
- The ERS is responsible for any errors made by the financial institution. This is a common misunderstanding. The ERS is not liable for delays or losses resulting from incorrect information provided by the retiree or the financial institution.
- All financial institutions are acceptable for direct deposit. While most banks and credit unions are eligible, the retiree must ensure that the chosen institution can process direct deposits. Checking with the financial institution is advisable.
By clearing up these misconceptions, retirees and beneficiaries can navigate the Direct Deposit Agreement process with greater confidence and understanding.
Key takeaways
Filling out the Hawaii Direct Deposit form is an important step for retirees and beneficiaries of the Employees' Retirement System. Here are some key takeaways to keep in mind:
- Complete All Sections: Ensure that every part of the Direct Deposit Agreement (Form ERS-210) is filled out. An incomplete form will not be valid.
- Submit New Forms for Changes: If you change your account number, account holder, or financial institution, you must submit a new form. The latest submission will take precedence.
- Authorization Required: By signing the agreement, all account holders authorize the ERS to deposit retirement benefits directly into the specified financial institution.
- Account Holder's Name: The retiree or beneficiary’s name must match the name on the account. If needed, ask your financial institution for assistance in completing this section.
- Agreement of All Account Holders: Everyone listed on the account must agree to the terms outlined in Section C, even if they are not receiving benefits.
- Signatures Needed: All account holders must sign the form. If it’s a joint account, every holder should provide their signature, and you can use an additional sheet if necessary.
- Attach Required Documents: Include a VOIDED check for checking accounts or a deposit slip for savings accounts when submitting the form.
- Contact Information: If you have questions, reach out to the ERS through the provided phone numbers or visit their website for more information.
- Keep Copies: Always keep a copy of your completed form and any correspondence with the ERS for your records.
Following these guidelines will help ensure a smooth process in setting up your direct deposit for retirement benefits.