Federal tax table changes could affect benefit
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.
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.
12 thoughts on “Federal tax table changes could affect benefit”
Very good communication concept & article. Thank you!
Thanks for the note. We’re glad it was helpful.
wow any more reductions on my pension, i will end up having to give opers back money..
Why are oldest retirees get hit. With cuts and takeaways every year and when will it stop,or won’t it?
Thanks for the new blog. Very informative
Every time I try to log on to the website it won’t let me. All I do is spend time trying to get a username and password approved by opers, this is nothing but a joke. Iam not tech savvy to begin with.Why does opers make everything so technical.
Please contact our Call Center at 1-800-222-7377 and a member of our staff should be able to help you.
Julie, Ohio PERS
Although the net amount of my pension check only changed by .89, because I will get a cola soon plus some other factors in my financial status, I decided to make a change in my federal and state withholding.
The amounts of my deductions don’t match on two places on the website. The standard federal withholding is given as $99.99 in one section and $104 something in the section where I actually can make the changes online. Therefore my total deductions don’t match either.
I am inclined to believe the section which gives the higher amount for the standard Federal withholding. Do you agree?
I would like to make these changes asap, so could you advise which figures to use? Thanks.
Please call our Call Center at 1-800-222-7377 and a member of our staff should be able to help you.
Julie, Ohio PERS
I and my neighbor are both living off PERS benefits. She’s 86 years old and was distressed to find that her benefits were cut by $30 each month. I wonder if the same is true of my own PERS.
If you do not have an online account, visit opers.org to sign up for one. Having an online account gives you access to account details such as benefit costs, where you would be able to see a comparison. Also a Benefit Change Notice is mailed any time there is an adjustment to coverage. If you have any questions, please don’t hesitate to call OPERS, 1-800-222-7377.
Thanks for the blog opportunity. Just wanted to share with those who may not yet have experience with OneExchange – in my experience mailing claims is the only way to go. The fax number is always busy (or something that = failed transmission) and the online claims experience is difficult (ended up with duplicate claims which call center says they can’t address and online email responders direct you to the call center saying they can’t see your claims…… Most frustrating call center experience of my considerable lifetime! But, good news is that EVERY claim I’ve submitted by mail has been handled – usually within 10 days to 2 weeks – and it was via a cover letter that the duplicate claim experience referenced earlier was resolved. So for those new to this, use the mail, not online claims (sad as this would be the route I’d go), and I never managed a successful fax transmission.