Getting ready for 2024

OPERS offers payment schedule, tips for retirees

By Michael Pramik, Ohio Public Employees Retirement System

Dec. 28, 2023 – As head toward a new year, it’s a good time for OPERS retirees to review their accounts.

Our “Get Ready for 2024” website page offers helpful information about several important considerations to be aware of at the first of next year.

Changes in your pension benefit

Any time there’s a change in your monthly benefit amount, we’ll send you a Statement of Benefit Payment.

If you’re enrolled in the OPERS Vision or Dental Plan, you may receive a statement in January showing a change in your benefit amount because of coverage changes or changes in premium amounts. Statements of Benefit Payment also will be viewable through your OPERS online account near the end of the month prior to the change taking effect.

Most retirees review their tax withholdings once they file taxes for the previous year. The best way to do so is through your online account, which allows you to see the impact that a change would make to your net monthly benefit amount.

Please consult the IRS or your tax adviser if you have additional tax questions.

2023 IRS documents

OPERS will mail the 2023 IRS Form 1099-R by the end of January. Approximately a week prior to mailing, this document will be available to view and print from your online account. OPERS will send an email notification when it can be viewed.

Your Form 1099-R will not provide your vision and dental premium deductions for 2023. If needed, this information is available by signing in to your OPERS online account and accessing your 2023 OPERS Health Care Premium Receipt.

The IRS Form 1095-B provides evidence of health care minimum essential coverage, but it does not have to be filed with tax returns as it is a reference document that confirms health plan coverage. Nevertheless, OPERS creates a Form 1095-B for each primary plan participant who met minimum essential coverage requirements in 2023. OPERS will provide access to this form, but we will not provide a paper copy by mail unless specifically requested.

OPERS benefit recipients who participated in the Health Reimbursement Arrangement and/or Retiree Medical Account plans in 2023 will be able to access their Form 1095-B through their online account in late January. Simply log in to your account, access your documents, select “Form 1095-B” and print for your records. You can request a copy of the form through the messaging center within your online account or by calling OPERS at 800-222-7377.

There is more tax-specific information on our website.

Benefit payment schedule

Here’s a schedule of pension benefit payments for 2024:

Michael Pramik

Michael Pramik is communication strategist for the Ohio Public Employees Retirement System and editor of the PERSpective blog. As an experienced business journalist, he clarifies complex pension policies and helps members make smart choices to secure their retirement.