January 2018 eNewsIRS Form 1099-R to be Mailed by the End of January 2018The MSRB will mail your 2017 IRS Form 1099-R by January 31st. This form contains important benefit payment information required to complete your 2017 tax return. If you don’t receive it by February 15, 2018 please call our office. » 2. Accidental Disability Benefit Recipients (Member) or related Option C survivor recipients will see the gross retirement allowance paid in the tax year be reported in box 1. Previously the MSRB reported only the taxable annuity amount in this box; » 3. Members who have a portion of their benefit issued to an alternate payee pursuant to a Qualified Domestic Relations Order (“QDRO”) will not have those payments included in box 1 of your Form 1099-R if the alternate payee is responsible for reporting his/her own income and taxes. Member distribution codes in box 7 will be either a 2 or a 7 depending on your age for the tax reporting year (see above item #1). The alternate payee will also receive a Form 1099-R that reports the total amount of QDRO payments received if applicable. Distribution code 2 will always be used in box 7 for the alternate payee, regardless of age. Note: the MSRB cannot accept address changes over the telephone, nor can MSRB staff advise you on tax-related matters. Please direct all questions about your individual tax liability to your accountant tax professional, the Internal Revenue Service, or your state Department of Revenue. Upcoming Changes to Your Monthly BenefitThe new 2018 federal tax rates will be reflected in the withholding amounts beginning with your January pension payment. Therefore, some of you may notice a change in your NET amount. Please retain your statement and compare it with your December 2017 statement in the event you have questions regarding your tax withholding. Is there something you would like us to communicate in an upcoming Retiree eNews Bulletin? If so, let us know! |
Did You Know?The Massachusetts State Retirement Board currently administers pension benefits for nearly 63,000 retired members, survivors, and beneficiaries. For more facts about the Retirement Board, visit our website. A Note About GICDue to the number of recent inquiries to the MSRB regarding the Group Insurance Commission (GIC), we would like to clarify that the GIC is a separate state agency not under our control. The MSRB has no role, and was not aware of the actions the GIC was considering related to health plan options. According to the GIC’s website, the Commission expects to introduce a motion to vote for reconsideration of proposed changes at their February 1, 2018 Commission Meeting. To read the full announcement, click here. If you have questions about your GIC health and other insurance benefits or premiums you must contact the GIC direct at 617-727-2310 and select option # 2 or visit their website. Thank you. Treasurer Goldberg Warns of Lottery Scam EmailIllegitimate emails have been sent in the name of the Treasurer. They claim that the recipient has a pending donation from the most recent Powerball winner, and you must click a link to claim it. According to Treasurer Goldberg, these emails are a scam and have not been sent by her or the Massachusetts Office of the State Treasurer.
If you have any questions, please contact the Treasurer’s office at (617) 367-6900. You can view an example of a fraudulent email here. Did you receive this Retiree eNews Bulletin as a forwarded e-mail from a friend? If you are a MSERS retiree and would like to receive your own monthly Retiree eNews Bulletin, send your e-mail address to us at MSRBCommunications@tre.state.ma.us Note: Please include your full name and either your MSRB I.D. or the last four digits of your Social Security Number, and request that we add it to our distribution list. Have you, or are you, planning to move? If so, be sure to notify the Board of your address change! Retirees who already have summer and winter addresses on file with the Board can call us to request the address update. Otherwise, you'll need to notify the Board in writing. You can download our Change of Address form here! Past issues of our newsletter publications can be found on our website Quick links: Visit our website: www.mass.gov/retirement Like us on Facebook: www.facebook.com/mass.state.retirement Follow us on Twitter @MassStateRet: https://twitter.com/massstateret Contact us:Boston Office: Springfield Office: Hours: 8:00 a.m. - 5:00 p.m. Tel: 617-367-7770 |