Retirees who withhold federal taxes based on their marital status and number of exemptions may see a change in their net monthly payments beginning with their January 31 benefit payment. Impacted retirees will receive a letter regarding the change.
Please note: This isn’t a change to the NYSTRS pension amount; rather, it is a modification in the federal tax withheld based on the new tax tables for 2018.
Refer to the federal tax tables to determine how much NYSTRS would withhold from your benefit payment under various scenarios.
If you want to change your federal withholding amount for future payments, you must complete a new W-4P Withholding Election and Certificate. The form can also be filed online through a MyNYSTRS account.
NYSTRS staff cannot offer tax advice. Please consult a tax advisor or the IRS directly if you have questions about your personal tax liability.