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Amounts Withheld from Your Monthly Payment

Amounts Withheld From Your Monthly Annuity Payment

New IRS Tax Tables May Affect Your Withholding

New Federal Income Tax Tables went into effect January 1, 2013. You may choose to change the amount of money withheld from your retirement benefit for Federal Income Tax or choose not to have money withheld by submitting a Withholding Certificate-Pension or Annuity Payments (SERS-W-4P) form or a Withholding Certificate-Pension or Annuity Payments (IRS W-4P) form. If you do not submit a new form, SERS will withhold taxes from your retirement payment based on the "New Table" column below, effective with your January 2013 payment.

Effect of New Tax Table On Your Monthly Annuity Payment

 

Table in Effect
Through 12/31/12

New Table
Effective 1/1/13

Gross Monthly Annuity

$500.00
$500.00

Less Deductions and Withholdings

   
         

Federal Income Tax

$20.00
$25.00
 

Health Insurance Premium

$5.00
$5.00
 

Other Authorized Amounts

$100.00
$100.00

Net Monthly Annuity

$375.00
$370.00

Your latest W4-P form on file with SERS lists the following Federal Income Tax withholding instructions:

Filing Status
Single 
Allowances
Additional Amount
$0.00 
Fixed Amount
$0.00 
 

Keep Your Member Information Up-To-Date

If you receive your benefit payment by mail and it is not received by the 10th working day of the following month, contact SERS’ toll-free number, 1-800-633-5461. At that time, SERS can stop payment on the lost check and reissue a new one. To avoid the possibility of a lost check, sign up for direct deposit by submitting a Direct Deposit of Annuity Payments Form (SERS-123).

Even if your monthly payments are made by direct deposit to your financial institution rather than by a check mailed to your home, it is important for you to notify SERS of any changes to your mailing address. For your convenience, we have included an Annuitant Change of Address Form. For your protection, SERS cannot accept address changes by phone or e-mail.


 
 


Last published: 01/25/2013 10:26 AM