Get Ready for 2020 With 2020 here, we’ve made it easy for you to start the new year off right.
2020 OPERS benefit payment schedule
Pension benefit 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 to this rule is in January when, for tax purposes, the payment must be issued on the first business day of the month.
Changes in your benefits
Any time there is a change in your monthly benefit amount, we will send you a Benefit Change Notice. Many retirees will see a change in their pension benefit amount in February due to Federal tax changes. Benefit Change Notices will be mailed by the end of January. Your February benefit amount can also be found within your online account in late January.
OPERS cannot provide advice on your tax withholding. If you have questions, we suggest you see a tax adviser. Remember you can change your tax withholding, or just see how changing your withholding will affect your monthly benefit, at any time through your online account.
Changing your tax withholding
Most retirees review their tax withholdings once they file taxes for the previous year. The best way to do this is through your online account, which allows you to see the impact a change will make to your net monthly benefit amount.
OPERS will mail the 2019 1099-R and 1095-B documents by the end of January. If you would like to access them early, log into your OPERS online account. You can also access them through your online account up to a week before they are mailed.
Your 1099-R will not provide your health care deductions for 2019. This information is available by signing in to your OPERS online account and accessing your 2019 OPERS Health Care Premium Receipt.
OPERS members are evaluated for disability from their OPERS-covered position, not as a person who is permanently disabled as defined by the IRS. As such, if you are an OPERS disability benefit recipient, Box 7 on your 1099-R will have a code number 7 or 2 depending on your age. Your tax adviser may incorrectly indicate this code should be a 3.
2020 Health Care Premium Receipts
Health Care Premium Receipts for 2020 will be mailed to Medicare retirees with a Health Reimbursement Arrangement, or HRA, beginning Dec. 16. This receipt is required to set up recurring reimbursements for next year and will be provided within a special Get Ready for 2020 mailing. Beginning in mid-December, Via Benefits will send you personalized Recurring Premium Reimbursement Request form. Put the two mailings together and file for your reimbursements for 2020.