Benefit schedule set for 2018
Payments usually made on the first business day of each month
By Donna Castiglione, Ohio Public Employees Retirement System
Dec. 5, 2017 – Each year we share pension payment dates for the coming year in the last newsletter of the year, which should be arriving in your emails or mailboxes very soon.
If you are curious how we determine this schedule it’s pretty simple. Payments will be issued on the first business day of the month. If that day falls on a weekend or holiday, payments will be issued on the last business day of the previous month. The exception is January when, for tax purposes, the payment must be issued on the first business day of the month, which next year is Jan. 2.
We recommend that you snip the schedule listed below and clip it to the fridge.
If you’d rather get this information by phone, you can do so without holding. Simply press 2 for “Fast Facts,” and you’ll get answers to current issues including the following month’s payment date.
|Benefit month||Payment date|
|January||Jan. 2 (Tuesday)|
|February||Feb. 1 (Thursday)|
|March||March 1 (Thursday)|
|April||March 30 (Friday)|
|May||May 1 (Tuesday)|
|June||June 1 (Friday)|
|July||June 29 (Friday)|
|August||Aug. 1 (Wednesday)|
|September||Aug. 31 (Friday)|
|October||Oct. 1 (Monday)|
|November||Nov. 1 (Thursday)|
|December||Nov. 30 (Friday)|
|January 2019||Jan. 2, 2019 (Wednesday)|
Donna Castiglione is the assistant director of Member Services and has been with the Ohio Public Employees Retirement System for more than 13 years. She has extensive experience in customer service management in a variety of industries.
13 thoughts on “Benefit schedule set for 2018”
Could you please cite the law that states January 1 payments cannot be deposited in late December.
Taxable income reported on the 1099-R is computed on the gross income paid to the individual during the period of January 1 to December 31 of the tax year. Generally, taxable income is defined at 26 USC 63 and the tax year is defined at 26 USC 441. OPERS operates on a calendar tax year and OPERS reports income actually paid during the tax year. Paying benefits during one tax year and reporting them in another is not an accurate method of complying with the IRS’ tax reporting statutes and regulations; therefore, OPERS pays 2018 benefits literally in that calendar year, not 2017.
Thank you for posting this!
Thanks for the info.,,that sets the monthlies appropriately for us on fixed incomes.
Can you tell me where I can find a guide to DISABILITY benefits under OPERS or what those are? I am a Financial Planner currently working with an OHIO University on their disability program through a private insurer and I would like to know how the OPERS program pays for a disability and whether that benefit OFFSETS against private insurance and if so how much and in what manner? MJ
You can find information about OPERS’ disability program on our website at https://www.opers.org/retirees/programs/benefits.shtml. If you need further assistance, please call us at 1-800-222-7377 and a member of our staff will be happy to help. Our Call Center is available Monday through Friday, 8:00 a.m – 4:30 p.m.
If Trump gets his tax bill passed, what will happen to our HRA’s. What a person can be reimbursed for is contained in the IRS tax code. If medical deductions are no longer permitted, what will determine what we can seek reimbursement for.
Whether or not certain itemized deductions will remain part of the tax cut bill has been part of the conference committee discussions. Current law allows individuals to deduct unreimbursed medical expenses that exceed 10% of their adjusted gross income for the year, if they itemize. The House-passed bill repealed the deduction, while the Senate-passed version retained it. The latest news indicates that the final conference agreement will retain the medical expense deduction, but this process isn’t over yet.
Regardless, the deductability of medical expenses has no bearing on our HRA allowances or the ability of retirees to receive reimbursement for qualified medical expenses. Being reimbursed through the HRA for medical expenses is a separate and distinct process that is not the same as how those expenses are treated for tax purposes. Any medical expenses for which an individual is reimbursed still cannot be deducted on one’s income taxes, so that aspect will not change.
When will we see the new federal withholding taxes take place on the February check or the March check. Today Thursday Jan. 11, 2018 The Treasury Department released the withholding tables for the new tax law.
We have received the tax table changes from the IRS and are working to make those changes in your benefit. We will send you a Benefit Change Notice once those changes are complete. We cannot estimate what those changes will be before that time.
Hi I would like to know if I could enroll in a vision and dental plan through OPERS even though I have a medical plan through someone else?
Yes, this option is available to you. Please call us at 1-800-222-7377 and a member of our staff can help.