IMPORTANT TAX UPDATE:
The IRS has released a revised Form W-4P and a new Form W-4R (Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions). Beginning January 1, 2023, you must use these new and revised forms to update your federal tax withholding elections with the Benefit Funds Office. Benefit Recipients retiring on or after January 1, 2023, should use the revised IRS Form W-4P.
Securely log into PSS to complete your IRS Form W-4P online.
You can also download a copy of the 2023 IRS Form W-4P or call the Benefit Funds Office to request to have a copy mailed to you. Once complete, you should return your paper IRS Form W-4P to the Benefit Funds Office for processing.
Please be aware that the Benefit Funds Office does not withhold state or local income taxes from benefit payments.
The Fund reports the pension benefit payments you receive each year to the IRS through Form 1099-R. You use this information to prepare your annual tax return. You can view and print a copy of your most recent IRS Form 1099-R here (login required).
If you have questions about taxes and your pension plan benefit, we encourage you to contact a professional tax advisor.