Maintaining Monthly Benefits
While on Pension
Payments: EFT, Lost Checks
Benefit payments are made on the first of each month for that month. Your check will be mailed the business day prior to the first of a month. Or, if you choose to have your benefit payments electronically transferred to your account, the transfer will occur on the first business day of the month. If the first of a month falls on a Holiday or weekend, the timing of your benefit payment will be affected.
Electronic Funds Transfer (EFT)
To better serve you, we would like to suggest Electronic Funds Transfer ("EFT"). EFT is SAFE, FREE and DEPENDABLE! EFT is free to you.
EFT ensures that your monthly benefit payment is transferred to your bank account every first business day of the month. It eliminates the wait for your check to clear because the funds are immediately available once they are in your account. You also avoid the occasional delay of having to wait for your check due to misrouted mail. It is safe and provides you the convenience of automatic fund remittance to your financial institution. All you need to do is complete an EFT Authorization form. Please return the completed form to the Administrative Office if you want to take advantage of EFT. Allow two payment cycles for processing; you will be notified when your EFT is effective. Once you are set up for EFT, you will receive a Deposit Confirmation each month, notifying you of your funds transfer.
Lost Checks
If you have not received your check for the month, please allow the US Postal Service five postal business days to deliver your check. After the waiting period, please contact us on the sixth postal business day of the month to replace your lost check. Contact us on or after the dates below if you haven't received your check.
When to Call to Replace Your Lost Check |
|
| Pension Payment Date |
Call Us to Replace Your Lost Check On or after this date |
| 01/01/2023 | 01/09/2023 |
| 02/01/2023 | 02/08/2023 |
| 03/01/2023 | 03/08/2023 |
| 04/01/2023 | 04/10/2023 |
| 05/01/2023 | 05/08/2023 |
| 06/01/2023 | 06/08/2023 |
| 07/01/2023 | 07/11/2023 |
| 08/01/2023 | 08/08/2023 |
| 09/01/2023 | 09/11/2023 |
| 10/01/2023 | 10/09/2023 |
| 11/01/2023 | 11/08/2023 |
| 12/01/2023 | 12/08/2023 |
| 01/01/2024 | 01/09/2024 |
| 02/01/2024 | 02/08/2024 |
| 03/01/2024 | 03/08/2024 |
| 04/01/2024 | 04/08/2024 |
| 05/01/2024 | 05/08/2024 |
| 06/01/2024 | 06/10/2024 |
| 07/01/2024 | 07/08/2024 |
| 08/01/2024 | 08/08/2024 |
| 09/01/2024 | 09/10/2024 |
| 10/01/2024 | 10/08/2024 |
| 11/01/2024 | 11/08/2024 |
| 12/01/2024 | 12/09/2024 |
Taxes and Pension Tax Calculator 
Your Retirement Benefit is taxable. You may elect to have federal and/or California tax withholding or no withholding at all by completing the appropriate tax forms. The federal tax form is IRS W-4P Form available through the IRS website, www.irs.gov. The State of California tax form is EDD DE 4P Form and is available through the State of California website, www.edd.ca.gov. The forms are also available through this website here. To calculate how much tax will be withheld, please click here.
Withholding is one way for you to pay a portion of your income tax. If no tax or not enough tax is withheld from your benefits, you may have to pay estimated tax during the year or a tax penalty at the end of the year. The total amount of your taxable income will determine the amount of income tax due on your pension payments. Please consult an accountant or a tax advisor for help determining your appropriate tax withholding. The Pension Benefits Department does not provide advice on tax matters. We are here to implement your decisions related to the pension payments you receive from the Pension Plan.
Your most current tax withholding election remains in effect until you change it. If you live outside California, there will be no California state tax withheld unless you specifically request it. We do not withhold for states other than California. Depending on your election, the amount of taxes withheld may be zero based on the federal or California tax tables. If you do not make any tax withholding election, the automatic tax withholding that would be applied is married with three exemptions, as required by law. If your pension payment is less than $1720 per month and your withholding is married with three exemptions, there will be no taxes withheld.
Tax forms received by the 14th of a month will be effective on the 1st of the following month. If we receive your form between the 15th and the last day of a month, your desired tax withholding will be effective the 1st of the second month.
Pension Payment Verification
On a periodic basis, the Pension Plan sends a Pension Payment Verification Form to verify that you are receiving your pension benefit payments. This verification is part of the Pension Plan's fiduciary responsibility to ensure that you, the Participant or Beneficiary, receive the benefits to which you are entitled. The Pension Payment Verification Form serves as an official document from you confirming that you are receiving your pension benefit payments. The Pension Plan also uses this form to verify your signature whenever a written request is received. Having your updated notarized or witnessed signature on record helps the Pension Plan to uphold and protect the confidentiality related to your records. We require that the signature be notarized or witnessed by a Pension Plan Representative as a deterrent to fraud. It protects not only you, but also the Pension Plan, from becoming victims of fraudulent activity.
A signature guarantee from your financial institution is also acceptable. Some banks and brokerage houses may provide this service for free to their customers. Please check with your financial institution to determine if they offer this service. If you are unable to have your signature notarized or witnessed by a Pension Plan Representative for medical reasons, the Pension Plan will accept a certification to that effect from a physician who is legally authorized to practice medicine.
If we do not receive your completed form by the deadline stated in the letter, your pension benefit payments will stop and will only resume after we receive your completed form. For forms received by the 14th of a month, your pension benefits will resume on the 1st of the following month. If we receive your form between the 15th and the last day of a month, your pension benefits will resume the 1st of the second month. Any payments previously suspended will be paid at that time. We will mail a series of reminders over a three-month period to give you sufficient time to comply with this request.
If you are unable to have your signature notarized or witnessed by a Pension Plan Representative and have designated a representative to execute retirement transactions on your behalf, your duly authorized representative can complete the form for you by providing his/her notarized or witnessed signature on the form. A copy of the pertinent document must be on file with the Administrative Office or enclosed with the form. Your business manager who handles your pension benefit payments can sign the form for you only if you have legally authorized him/her to act on your behalf for retirement transactions.
Adjustments
From time to time, the Pension Plan conducts an audit of your Contributions or your benefit calculation to ensure that you are receiving the correct benefit amount. As a result of the Pension Plan's audits, the benefit you are receiving may be found to be incorrect. In that case, or if any amounts are otherwise in error, the amount of your plan benefits shall be appropriately revised.