Get Ready for 2021 With 2021 almost here, we’ve made it easy for you to start the new year off right.
2021 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. If you made changes to your health care coverage for 2021, you may receive a Notice in January due to changes in your premium amount. It will also be viewable through your OPERS online account a few days prior to the end of December. Many retirees will see a change in their pension benefit amount in February due to Federal tax changes. 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 2020 1099-R documents by the end of January. If you would like to access them early, log into your OPERS online account. They will be accessible online approximately a week before they are mailed.
Your 1099-R will not provide your health care deductions for 2020. This information is available by signing in to your OPERS online account and accessing your 2020 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.
OPERS will generate a 2020 1095-B for all retirees, but we will not be mailing these forms. Beginning in mid-January, you can access a copy of your 1095-B by logging in to your online account or you can call us to request a copy by mail.
2021 Health Care Premium Receipts
For Medicare-eligible retirees - In 2021, premiums for the OPERS vision and dental plans will be automatically reimbursed monthly from your HRA account with no additional forms to complete or receipts to provide.
Because you no longer need a premium receipt to be reimbursed for OPERS dental or vision premiums, we will NOT send the “Get Ready” letter and a copy of your premium receipt in December as we’ve done for the last several years. If you need a premium receipt to be reimbursed for OPERS group pre-Medicare premiums for a dependent, you can obtain this receipt through your online account.