A new year means it’s time to evaluate the last and make plans for the one ahead. For retirees, this annual review should include an assessment of your retirement income and tax needs. Your pension is considered taxable income, and a Withholding Preference Certificate is available to adjust the amount of taxes withheld from your monthly benefit.
The tax withholding form was updated in 2019 to allow you to withhold differently for federal and Oklahoma taxes. If you made any changes during the previous year, or if your tax situation is changing, you should review your withholdings for 2020. You should seek advice from your tax accountant and submit a new Withholding Preference Certificate if appropriate. The form can be found at https://www.opers.ok.gov/forms and must be received before the 5th of the month for the change to be in effect for the deposit on the last working day of that month.
Ready to prepare your taxes? You will need your 1099-R form.
Each retiree will receive a Form 1099-R at the end of January of every year. This form will show the gross amount of your retirement benefit for the previous calendar year, the amount of state and federal income tax withheld from your retirement benefit and the federal taxable amount of your retirement benefit for the year. Complete your state and federal income tax return by using the information contained on your Form 1099-R.
Please allow for standard delivery time. You should allow 10-15 business days to receive your 1099-R, but if you have not received your form by February 14th, you may request a duplicate in writing or by calling our office. A replacement 1099-R will not be mailed to you unless your current mailing address matches our records. All requests must include your name, member ID, tax year requested, mailing address, the benefit type, daytime telephone number, and signature. Complete the Change of Address form, which can be downloaded at https://www.opers.ok.gov/forms, to update your mailing address.
Visit https://www.opers.ok.gov/1099 to read more frequently asked questions.
2020 Retiree Health Insurance Rates (Employees Group Insurance Division)
Every October, the Employees Group Insurance Division (EGID) mails option period booklets and forms, along with the premium amounts for the next year. If you have retiree health insurance premiums through EGID deducted from your retirement benefit, be aware that rates may have changed for 2020 which could change your monthly deposit amount. For more information on the 2020 rates, visit the EGID website at www.omes.ok.gov. If you have specific questions about your insurance coverage, contact EGID at 1-800-752-9475.