Benefit Recipients: Important End of Year Documents on the Way in January
Be on the lookout for your 2017 annual Benefit Statement and 2016 IRS-Form 1099-R, likely the two most important pieces of mail you get from us all year. Both will mail in late January and contain important information about your PSRS/PEERS benefit.
Service retirees, disability retirees and beneficiaries of deceased members who received monthly benefits from PSRS/PEERS in 2016 will receive a Benefit Statement in the mail the last week of January.
The Benefit Statement is a comprehensive summary of your membership and your monthly benefit as of January 31, 2017 (see video for more details). This important document is a record of your:
- Benefit amount
- Tax information and withholding amounts
- Benefit plan and benefit history
- Cost-of-living adjustments (COLAs)
- Beneficiary designation
As of January 13, Benefit Statements will also be available to view and print by logging in to Web Member Services at wms.psrs-peers.org/Account/Login.
IRS 1099-R Tax Form
Anyone who received any type of benefit from PSRS/PEERS in 2016, including service retirees, disability retirees and beneficiaries of deceased members, as well as former members who took a refund of contributions and interest, will receive an IRS Form 1099-R from us the last week of January. This form is needed when filing your 2016 income tax returns.
Form 1099-R shows the total funds received from PSRS/PEERS in calendar year 2016, the taxes withheld and the dollar amounts considered taxable income. Benefit recipients who have a professional tax advisor should make this information available for his or her review.
2016 IRS 1099-R Tax Forms are currently available to view and print by logging in to Web Member Services at www.psrs-peers.org/Account/Login.