COLA letters have been mailed
Each year, the Fund mails retirees a letter providing an update on the status of their Cost of Living Adjustment, commonly known as COLA. These letters were mailed out the week of December 19. If you do not receive your COLA letter by January 7, and would like a copy, please notify us and we will remail your letter. You may email the Fund at Ask@fwretiremement.org. We apologize for any inconvenience members may be experiencing.
1099-R tax forms to be mailed this month
Retirees and others who received distributions from the Fund will receive a tax form known as a 1099-R. The 1099-R reports how much money you have received in benefit payments during the year. Members are required to include this form with their tax return.
If you took an Actuarial Lump Sum when you retired and/or if you elected to receive a DROP distribution upon or after retirement, you may receive more than one 1099-R. Forms should arrive by the end of January. For help understanding the form, please see Page 2 of our Winter 2021 newsletter. You may also email Ask@fwretirement.org or call 817-632-8900.
Second round of increased contributions begins for City and City employees
Beginning with January 6, 2023, paychecks, City of Fort Worth employees and the City will make increased contributions to the pension fund. Employees will contribute an additional 0.8 percent of their paycheck, and the City will contribute 1.2 percent more.
This agreement includes two “risk-sharing” actions. In other words, if the unfunded liability was not adequately reduced, the City and its employees each would increase their contributions. The first of the risk-sharing increases occurred in 2022. More information about the increased contributions is available in this article in the City's Fort Worth Roundup. Additional information about the City's pension plan is available here. You also may contact the City’s Human Resources department, 817-392-7750.