January 17, 2024

Benefit Payment Transition to U.S. Bank

The POAB Fund is excited to announce the transition to a new Benefit Payment Custodian. Effective January 1, 2024, U.S. Bank will become the payor of pension benefits for the Peace Officers’ Annuity and Benefit Fund of Georgia. 

U.S. Bank will be replacing State Street Bank & Trust. It is important to note that 1099-R forms for 2023 will be issued by State Street Bank. Should retirees require additional or replacement copies of their 1099-R forms from 2023 or prior years, please contact the POAB Fund office.

This change in the pension benefit payor has no impact on the gross amount of benefit payments. All pension payments directly deposited to a financial institution will continue to be sent to the same institution. 

In the first few weeks of January, retirees should receive a notice from U.S. Bank to notify them of this change. Included with this letter, they will find instructions for initial registration and a FAQ document for the Pensioner Portal. The U.S. Bank’s Pensioner Portal is an online resource for information such as:

  • Current and historical payment information
  • Viewing the destination of payment including address and direct deposit information
  • Viewing federal and state tax withholding elections
  • View and print tax forms produced by U.S. Bank beginning in 2025

Any questions or concerns regarding first time registration, or navigating the portal, should be directed to a U.S. Bank Retirement Payment Representative at 1-800-843-2399.

All questions or concerns regarding pension payments, please contact the Peace Officers’ Annuity & Benefit Fund of Georgia at 770-228-8461.