Section 29. A city, state, county or municipal treasurer or other official or private employer who receives a written request from a pensioner or retiree, shall, at the direction of said pensioner or retiree, forward any payment made under a pension or retirement fund or plan to a bank or federally-chartered bank that shall be designated by said pensioner or retiree. Such payment shall be deposited, with the approval of said pensioner or retiree in his savings or checking account. Such bank or federally chartered bank shall notify promptly the pensioner or retiree of any deposit made pursuant to this section.
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