Benefit recipients: Please take note of these two timely updates:
1. January checks and direct deposit statements were mailed Monday, January 26—two days earlier than scheduled
Due to the impending storm and for the benefit of our retirees who still receive their payments via mailed checks, this month's checks and direct deposit statements were mailed out Monday, January 26—two days earlier than scheduled; the effective date of all payments, however, remains January 30 (i.e., checks are payable on Friday, January 30, and direct deposits are credited to accounts on January 30).
2. Your federal tax withholding amount may have changed with your January payment
The Internal Revenue Service updated the federal tax withholding tables for 2015. If you have federal taxes withheld from your monthly benefit:
- based on the IRS tax tables (i.e., your marital status and the number of exemptions claimed), beginning with your January payment, you will most likely see a slight increase in your net benefit amount, because your tax withholding decreased under the new table. Additionally, if you receive your payment via direct deposit, you will receive a mailed statement for January because your net amount changed from last month.
- as either a fixed dollar amount or as a percentage of your gross benefit, your tax withholding was not affected by this change in the IRS tables.
For additional information, please see Taxation of your benefit.
Option A and B retirees and survivor benefit recipients:
Do you need to name or update a beneficiary designee to receive any MTRS benefits that you earn in the month of your death?
If you have a designee on file with us, we may issue any final payment directly to an individual rather than to your estate, which could require additional paperwork and expense. See Updating your beneficiary.