Payments, Taxes & Deduction FAQs
How long will it take to get a refund of my contributions if I leave the city?
You must apply for a refund (forms available on our website). You will receive your refund approximately 60 to 90 days after your final separation.
Are my retirement benefits subject to garnishment?
What if I should close my bank account prematurely and do not submit a completed direct deposit authorization form to the Retirement Fund before the tenth (10th) of the month?
A pension payment that is sent to a closed account will be sent back to our bank and a paper check will automatically be generated and mailed to the member’s mailing address on file. You should submit a change of direct deposit immediately to ensure your next month’s payment is sent to the correct account. This can be done by using the form on the back of your check advise or accessing the form in the Member Portal.
What deductions will be taken from my monthly pension?
The only deductions taken are federal and state taxes (depending on your state), city health insurance (if enrolled), city dental insurance (if enrolled) and child support, if applicable. You may also elect to have retired firefighter membership and/or CORE dues withheld.
Will I receive cost-of-living adjustments (COLA) with my pension?
Tier I – The Blue portion of your benefit (or all of your benefit if you retired prior to Nov. 1, 2013 for General and Police Civil Service, Feb. 1, 2015 for Fire Civil Service) is eligible for the COLA each January based on the type you elected, provided you retired by Sept. 30 of the preceding year. The Orange portion of your benefit is eligible for a 2% simple COLA each January, again provided that you retired by Sept. 30 of the preceding year.
Tier II – Under the current ordinance, you are not eligible for a COLA on your benefit.
What do I need to do to change the direct deposit from one bank to another?
You can sign on to the Member Portal and change your direct deposit immediately online. You can use the form on your check advise or print off a direct deposit change form from our website (link to form) to submit your change. All changes received by the tenth of the month will take effect the first of the following month.
When will I receive my Form 1099-R?
Your 1099-R will be placed in the mail by February 1 for the prior year. 1099-Rs are mailed to the member mailing address on file. Please be sure to keep your mailing address up to date to prevent delay of receiving your 1099-R. It takes 7-10 business days after the mailing date to receive your form. The 1099-R form is for retirees and other who receive a distribution from the Fund, including terminated employees who receive a refund of their contributions plus interest.
Are retirement benefits taxed?
How can I change the income tax withholding on my monthly retirement pension?