|2021 Direct Deposit Schedule|
|January 4||July 1|
|February 1||August 2|
|March 1||September 1|
|April 1||October 1|
|May 3||November 1|
|June 1||December 1|
The following is important information about your SPTRFA 1099-R for the tax year 2020:
Your SPTRFA 1099-R was recently mailed to you. The 1099-R form that you received may have boxes 12 through 19 numbered differently than what you might see on tax preparation software due to a change in the IRS 1099-R template. The differences are explained below. Please note that this is a formatting difference only – all data on your form is correct. There is no need for a corrected SPTRFA 1099-R.
The box changes as described below are relevant if you are filing a Minnesota tax return:
Box 14 – State Tax – this will appear as box 12 on your SPTRFA 1099-R
Box 15 – State/Payer’s state no. – this will appear as box 13 on your SPTRFA 1099-R
Box 16 – State Distribution – this will appear as box 14 on your SPTRFA 1099-R
All dollar amounts are accurate and can be used to file your tax return.
Click here to view an example 2020 tax year 1099-R form.
If you have questions regarding this information, please email us at firstname.lastname@example.org
The SPTRFA sends a 1099-R Form in January for the prior year’s earnings. 1099-R forms for the tax year 2020 were postmarked on January 18, 2021. Similar to a W-2 form from an employer, the 1099-R reports your annual benefit payments for the previous year.
As a retired member of SPTRFA, you may have questions about your benefits and the retirement laws and regulations that apply to you.
The SPTRFA is committed to helping you get the retirement information you need. We encourage you to explore all the resources on our website. If you have specific account questions, please contact us at 651-642-2550.
Returning to Work?
In response to a number of questions we’ve received recently, we thought we’d highlight the “Break in Service” rule.
In order to have a right to receive your retirement benefit from SPTRFA, Minnesota law requires a “complete and continuous separation for 90 days from employment in any form with Independent School District No. 625.” Importantly, “employment” for this purpose includes “service provided to the school district as an independent contractor or as an employee of an independent contractor.”
Under this rule, for example, employment with Teachers on Call for service as a substitute teacher in District 625 within 90 days of your final date of employment with District 625 would result in a failure of the Break in Service rule.
Please be advised that Minnesota law requires the SPTRFA to recover, with interest, amounts received by a member who fails to satisfy the Break in Service rule.
What you need to know about Earnings Limitations
If you are receiving a pension from the SPTRFA, are under age 65, and are re-employed by Saint Paul Public Schools (SPPS) or Saint Paul College (SPC), your benefit may be reduced. If your calendar year post-retirement SPPS or SPC earnings exceed the earnings limitation as defined by the Social Security Administration, currently $46,000, the following year’s pension is reduced by $1.00 for every $3.00 earned over the limit. Any recovered excess earnings will remain with SPTRFA.