ACERA retirees and payees who have their monthly retirement payments direct deposited into Patelco Credit Union should be aware of a recent security issue being reported by Patelco. ACERA successfully transferred members’ direct deposits to Patelco on Friday, June 28 on time. On Saturday, June 29, Patelco informed its customers of potential temporary restrictions on bank accounts due to a security incident.

We sympathize with the challenges this may pose for ACERA members who bank with Patelco. Unfortunately, because the funds were successfully transferred to Patelco prior to Patelco’s issue, ACERA is unable to issue additional retirement payments or retirement checks. For the sake of our members, we hope that Patelco can swiftly resolve its security situation.

For further updates and assistance, we suggest visiting www.patelco.org or contacting Patelco directly.