1099-R forms for the tax year 2018 will be postmarked by January 31, 2019
The SPTRFA sends a 1099-R Form in January for the prior year’s earnings. Similar to a W-2 form from an employer, the 1099-R reports your annual benefit payments for the previous year. For a full 1099-R form explanation, click here.
Cost of Living Adjustment (COLA) letters are mailed in December of every year.
Please note that legislation passed in May 2018 required a temporary reduction of cost of living adjustments. As a result, your gross pension amounts payable for 2019 and 2020 will remain unchanged from 2018. Cost of living adjustments are scheduled to resume on January 1, 2021.
SPTRFA retirement benefits are subject to state (dependent on the state that the retiree resides) and federal income tax and can include both a tax-free amount and a taxable amount. Member contributions made to SPTRFA before January 1, 1983, were taxed (unsheltered) and are not subject to tax in retirement. However, member contributions made on and after that date were not taxed (sheltered) and become taxable in retirement.