NOTICE TO RETIREES
STATE STREET BANK TAKES OVER DEUTSCHE BANK (DB-SERVICES)
EFFECTIVE WITH THE JUNE 25, 2003 PAYROLL
State Street Bank will start sending out your retirement checks, check stubs, and direct deposits beginning with the June Retiree Payroll. This will be the June 25, 2003 payroll. This particular division of State Street Bank is based in Jacksonville, Florida. So starting in June, please look for your checks and/or check stubs to come from State Street Bank with a Jacksonville, Florida address on the envelope.
Deutsche Bank or State Street Bank will also be getting a notice out to our retirees about this as well. We thought a double reminder would be a good idea. We have been told this will be a smooth transition and nothing to do on the retirees' part. You do not need to worry about anything or do anything. There is simply a different bank handling the retirement processing and mail-outs. State Street will have all the information necessary and you do not need to do a thing. This is just a notification to our retirees so you will know what is going on and to see that there are no surprises when this process begins in June.
State Street Bank is one of the top custodian banks in the country that provides this type of service. We are looking forward to a satisfactory transition and the service to our retirees should be as good or better. State Street essentially bought this part of the business from Deutsche Bank and that is why this is happening.
We have been told at the end of the year there will be two 1099-R's sent to each retiree. One 1099-R will come from Deutsche Bank (For January-May) and one from State Street Bank (June-December). You will need to keep both for your 2003 tax return from what we are currently being told. We will probably remind you again toward the end of the year about this point as well.
If you have any questions, please contact our pension office.
William E. Stefka