Retirement Benefits

What Retirees Need to Know for 2019

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Be aware of possible tax and health plan premium changes to your retirement benefits from tax withholding to tax forms to Medicare reimbursement.

A new year means possible tax and health plan premium changes to your retirement benefits. Changes and selections can be made through your my|CalPERS member account. Here are a few reminders:

Tax Withholding: Tax tables are revised annually by the Internal Revenue Service and the Franchise Tax Board. A tax advisor can help you decide if you should make any changes to your tax withholding elections for your 2019 benefits.

1099-R Tax Form: Use this form for reporting your retirement income from the previous year. This form is mailed annually by January 31 and is also available in your my|CalPERS member account by February 1.

Health Premium: The 2019 health plan premium rates went into effect on January 1. You can log in to your my|CalPERS member account to view your specific health plan details.

Medicare Reimbursement: You may receive a Medicare Part B reimbursement if you are a state and/or California State University retiree enrolled in Medicare Part B and if your CalPERS health premium cost is less than the state’s contribution. The reimbursement may increase or decrease due to changes in the 2019 health plan premiums, Medicare Part B premiums, and the state’s contribution.

Direct Deposit Statements: Benefit statements can be viewed in my|CalPERS. These statements will indicate the amount deposited in your account each month, along with any itemized reimbursements or deductions.