Notices being sent out because of tax table adjustments
By Michael Pramik, Ohio Public Employees Retirement System
Jan. 30, 2018 – OPERS has begun sending benefit change notices to retirees whose pension benefits will be altered in February because of new federal tax tables.
The Internal Revenue Service has updated its income-tax withholding tables for 2018 to reflect tax reform legislation enacted in December. Whenever the government changes its tax tables, it can impact the amount OPERS withholds from retirees’ monthly benefit payments.
If that’s true of your February benefit, you’ll receive the notice in the mail within the next week. The difference between your January and February benefits will be reflected on the line labeled “Minus Federal Income Tax.” If you’d like to know your February benefit amount now, it’s available to view by signing in to your OPERS online account.
The online account also has tools allowing OPERS retirees to change their tax withholding amount or see how changing the withholding can affect their monthly benefit.
If you received an annual cost-of-living adjustment in February or made changes to your health care coverage effective Feb. 1, those updates to your benefit amount also will be reflected on the benefit change notice.
OPERS has prepared a video that provides a general explanation of benefit change notices. You can find it on our Got Mail? Get Answers website page.