myPay Allows Control of Retirement Pay
From Defense Finance and Accounting Service
More than a million military retirees and annuitants are using myPay, the official online account management system for military members, retirees, annuitants and DoD employees, to stay on top of their retirement pay accounts. They use it to monitor their pay and survivor benefits, keep their contact and beneficiary information current, and control their allotments, direct deposit and tax withholdings.
According to Defense Finance and Accounting Service (DFAS) officials, over 80,000 retirees have created myPay accounts since the agency began providing a monthly electronic Retiree Account Statement, called the eRAS, last November.
Available only on myPay, the eRAS is a complete summary of your pay, deductions and benefits. It includes information about allotments, income tax withholdings, direct deposit and a Survivor Benefit Plan (SBP) counter that shows how much longer you have to pay premiums.
If you find something that needs to be updated while viewing your eRAS, most account changes can be made in minutes using myPay. There’s no need to wait on hold for customer service or send forms in the mail. myPay is available 24 hours a day, seven days a week from anywhere in the world and changes you make using myPay take effect in just three to five business days.
According to DFAS, retirees who switch to myPay not only have hands-on control of their pay, but can receive their IRS Form 1099-R and other important documents sooner and more securely than those who rely on traditional mail delivery. When you make a change on myPay, the only hands it has to go through are yours.
On myPay you can:
View, print or save your Retiree Account Statement
View, print or save your Combat-Related Special Compensation Statement
Start, stop or change electronic allotments to financial institutions
Change your mailing or e-mail address
Make changes to your direct deposit information
View, print or save your IRS Form 1099R
Subscribe to the Retiree Newsletter
How to Create a myPay Account
If you’ve never used myPay, visit https://mypay.dfas.mil and click “Forgot or Need a Password” to have a temporary password mailed to you. When you receive your password, return to the myPay home page and click “Create an Account” to get started. If you have trouble creating your account, visit www.dfas.mil/retiredmilitary for step-by-step instructions.