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Pension Payment

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Junior Member
What is the name of your state (only U.S. law)? MI

Some Pension Direct Deposits are posted on the last business day
of the month so they are available on the first of the next month when they
have been promised.
Others are not posted until the next business day, which could be up to 3 days later.
Is it possible for a Pension Administrator to manipulate the funds and collect
the interest for those 3 days, knowing he doesn't have to actually put the funds into the
person's account until 12:01 AM of the next business day?
If you're dealing with 6,000 pension checks averaging $1,500 each, you're talking some real money that is sitting in Limbo for up to 3 days.
Is there a law that requires pension money to be direct-deposited ON the first of the month or BY the first of the month?What is the name of your state (only U.S. law)?

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