Q: Why is there a change to the pension amount in July?
A: Every July beginning the calendar year after your retirement, you receive your post retirement increase of 2.5% of your original pension. As result, your pension will increase as well as your federal tax withholding.
Q: How do I change my federal tax withholding?
A: You may download the W-4P Form from our website at http://ers.ehawaii.gov or contact our office and we will mail you the form.
Q: Does the ERS send any notice when there is change to my pension?
A: Yes. The ERS sends a statement or letter explaining the change to your pension prior to the effective date of change. We encourage you to wait for the statement and check your bank statement before contacting the ERS.
Q: When will I receive my tax reporting documents (1099R)?
A: If you received benefits from the ERS during the previous year, your Internal Revenue Service (IRS) Form 1099-R will be mailed to your home address by January 31. Reprint/duplicate Form 1099-R requests may be requested approximately 2 weeks later to allow time for mail delivery. If you have a professional tax advisor, accountant, and/or tax preparer, we suggest that you make this information available for their review.
For more information, please review
ERS Form 1099-R Sample:
Frequently Asked Questions:
Q: How is my retirement benefits classified for income tax reporting (i.e. IRA, pension or annuity)?
A: The ERS is a ‘government defined benefit pension plan’. All benefits paid by ERS and reported to you on Form 1099-R are ‘pension’ benefits. For terminated members this includes refund of contributions and for retirees this includes option refund payments and disability benefits.