Monthly LIS payments are initiated the first business day of the month. Voya’s process for making these payments takes two days. It includes the funds being released from their bank, State Street, and being routed through the Federal Reserve to individual banks. Once the funds have been received at an individual bank, the bank determines when to post the funds to a member’s account. Bank policies regarding posting funds to accounts vary. As a result, once the funds have arrived at your bank, it can take another one to two days for the deposit to show in your account. Most members will see their funds post to their accounts on the fourth or fifth business day of the month.
Lump-sum rollovers or cash distributions to members follow a similar process. Lump-sum payments are due to members after SURS has forwarded distribution instructions to Voya. Voya must then process the distribution request and prepare the funds to be paid. This process can also take two days, after which the rollover/lump-sum check is mailed to the member.