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2022 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 Statement of Benefit Payment. Because OPERS will no longer deduct Pre-Medicare medical plan premiums from monthly retirement benefits in 2022, Pre-Medicare benefit recipients enrolled in the group medical plan in 2021 will receive a statement in January showing an increase in their benefit amount. Many retirees will see a change in their pension benefit amount in February due to Federal tax changes. Statements of Benefit Payment will also be viewable through your OPERS online account near the end of the month prior to the change taking effect.
Based on member input, we've improved the statements effective in 2022.
The streamlined statements are improved in several ways:
- We've reordered the statement to be easier to follow, and we're providing the information in a table format so its easier to read. Its easier to see which amount goes with which line item, and items are presented in a more logical order.
- Benefit recipients will now see their original monthly benefit first, as well as their current gross benefit and any cost-of-living increases that apply. That information is followed by any tax deductions and vision/dental premium deductions that apply, and then the new net benefit amount.
- Benefit recipientsOPERS ID is now included on the statement.
There's also information telling recipients why their payment has been adjusted.
Changing your tax withholding
Most benefit recipients 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. Please consult the IRS or your tax advisor if you have additional tax questions.
2021 IRS Documents
2021 IRS Form 1099-R – OPERS will mail the 2021 IRS Form 1099-R by the end of January 2022. Approximately a week prior to mailing, this document will be available to view and print from your online account. OPERS will send an email notification when it can be viewed. Your Form1099-R will not provide your health care deductions for 2021. If needed, this information is available by signing in to your OPERS online account and accessing your 2021 OPERS Health Care Premium Receipt.
2021 IRS Form1095-B – The IRS Form 1095-B provides evidence of health care minimum essential coverage. OPERS creates a Form 1095-B for each primary plan participant who met minimum essential coverage requirements in 2021. The IRS now allows health plan sponsors to provide access to these forms through means other than mail. The IRS Form 1095-B does not have to be filed with tax returns. It is a reference document that confirms health plan coverage. As a result, OPERS will not mail the 2021 Form 1095-B.
In late January 2022, OPERS benefit recipients who participated in the group medical, Health Reimbursement Arrangement and/or Retiree Medical Account plans in 2021 will be able to access their Form 1095- B through their OPERS online account. Simply log in to your account, access your documents, select the Form 1095-B and print for your records. Additionally, participants can request a copy of their Form 1095-B using the messaging center within their online account or by calling OPERS.