OPERS has issued notices to alert retirees of new pension amount
Jan. 27, 2017 — Many Ohio Public Employees Retirement System retirees will see a change in their pension benefit beginning in February because of new IRS tax tables for 2017.
If the new tax tables alter your benefit, you’ll receive a benefit change notice from OPERS. If you direct your attention to the line labeled “Minus Federal Income Tax” on the notice, you’ll see the difference between your January 2017 and February 2017 benefits. If you would like to know your February benefit amount now, it is available to view by signing in to your OPERS online account.
Other reasons you may receive a benefit change notice this month:
- A cost of living adjustment has been made to the account; the adjustment is applied annually on the anniversary of the month you retired.
- You elected to make a change to your health care coverage effective Feb. 1.
If you have questions about your tax withholding, we suggest you see a tax adviser. Remember that you are able to change your tax withholding, or just see how changing your withholding will affect your monthly benefit, at any time through your online account.
Once you are signed in, click “Tax Update” under the “My Profile” menu option. On that page you will find a summary and breakdown of your monthly benefit, your current tax withholding and the option to edit your withholding.
We have prepared a video that explains benefit change notices. You can find the video on our Got Mail? Get Answers website page.