There are many components that go into this process. First, the employer must transmit all payrolls to SURS. Second, your Human Resources department will need to submit a summary/termination report to SURS. On average, these two steps take 4-6 weeks after your termination date. Within a week of receiving the summary/termination report, SURS will process the information and forward the application paperwork to the LIS provider. The LIS provider needs 10-14 business days to process and calculate the benefit. Regardless of your finalization date, on the first business day of the month, the LIS provider will process your payment and send it to State Street Bank that evening. On the second business day of the month, State Street Bank will receive the funds and send out an ACH wire. On the third business day of the month, the funds arrive at your bank via ACH wire. The bank will apply the ACH funds to your account usually on the fourth or fifth business day of the month. On average, most members begin receiving funds the third or fourth month after their retirement date.
