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Taxes and Your Retirement Benefit

Your monthly benefit amount may change in 2018

Your OPERS retirement benefit is considered income for tax purposes. The tax rates applied to your benefit are based on withholding tables provided by the Internal Revenue Service and the Oklahoma Tax Commission. The Oklahoma tax withholding tables will not change for 2018; however, recently signed federal legislation will change the federal tax withholding beginning with your deposit on January 31, 2018.

Your withholding will not change if you elected to withhold a flat dollar amount. You should seek advice from your tax accountant and submit a new Tax Withholding Preference Certificate if appropriate. This form can be found at www.opers.ok.gov/taxes and must be received by OPERS before the 5th of the month for the change to be in effect for the deposit on the last working day of that month.

2018 Retiree Health Insurance Rates (Employees Group Insurance Division)

If you have retiree health insurance premiums through the Employees Group Insurance Division (EGID) deducted from your OPERS benefit, be aware that EGID has adopted a change in 2018 health insurance premium rates. For more information on the 2018 rate changes, visit the EGID website at www.ok.gov/sib/Member/Premiums. OPERS cannot answer questions related to 2018 rate changes or coverage. If you have specific questions about your coverage, please contact EGID at 1-800-752-9475.

Ready to do your taxes? You will need your 1099-R form. 

OPERS will mail each retiree a Form 1099-R at the end of January of every year. This form will show: 1) the gross amount of your retirement benefit for the previous calendar year; 2) the amount of state and federal income tax withheld from your retirement benefit; and, 3) the federal taxable amount of your retirement benefit for the year. The information contained in your Form 1099-R should be used in completing your state and federal income tax return.

Please allow for normal delivery time. You should allow 10-15 business days to receive your 1099-R, but if you have not received your form by February 15th you may request a duplicate in writing or by calling OPERS. Your current mailing address must match our records before a 1099-R will be mailed to you. All requests must include your name, OPERS member ID, tax year requested, mailing address, the benefit type, daytime telephone number, and signature.

Frequently asked questions about the 1099-R can be found on the OPERS website at www.opers.ok.gov/1099.

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