January is a busy time for us at OPERS since there are several mailings that go out to our members. Here are a few important reminders as you start the New Year.
IRS Form 1099-R is an annual statement of disbursements and applicable taxes paid by a retirement plan. Each year, OPERS sends a 1099-R to all retired members who received benefits in the previous calendar year, or any active members who took a distribution of their employee contributions after they left employment with a participating employer.
These forms will be mailed no later than January 31st. For more information visit the 1099-R FAQ page.
As an OPERS retiree, you will receive a Benefit Notice in the mail listing your OPERS benefit and any deductions from your OPERS retirement benefits; such as insurance, federal and/or state taxes. The 2015 tax tables became effective in January and may impact your net benefit amount if you elected to use the tax tables. You may change your withholding preference at any time by completing a new Withholding Preference Certificate. Both the Withholding Preference Certificate and the 2015 tax tables are available here.
If you have EGID premiums deducted from your retirement benefit, your health insurance premium rates may have changed for 2015. OPERS cannot answer questions related to 2015 rate changes or coverage. If you have specific questions about your coverage, please call Employees Group Insurance Division at (800) 752-9475, or visit them at www.ok.gov/sib.
2015 Federal Earnings Limits
Many OPERS retirees decide to return to work, and depending on their age in 2015 may need to be aware of the federal earnings limits established by the Social Security Administration.
The 2015 earning limits have been released and have been updated on the OPERS website. Click here to view the earnings limits and to review the rules for returning to work after retirement with an OPERS participating employer.
As, always, if you have any questions, comments or concerns, please contact the OPERS office.
Your friends at OPERS
Posted on Wed, January 14, 2015
by Stephanie White