Retirement Benefits

What Retirees Need to Know for 2024

Portrait of a happy elderly couple relaxing together on the sofa at home

A new year means health plan premium changes and possible tax adjustments to your retirement benefits. You can make changes and selections through your myCalPERS account. Here are a few reminders:

Taxes

  • 1099-R Tax Form: If you’ve opted to go paperless, we will email your 1099-R or W-2 in early January. If you didn’t opt out, you will continue to receive your paper tax statements by mail.
  • Tax Withholding: Effective January 1, 2023, the IRS released a revised Form W-4P that changed the federal tax withholding elections available and the calculation method that we use to determine the amount to be withheld. If you’re already receiving your pension and are not making any changes to your federal withholding elections, you’re not required to file a new form. A tax advisor can help you decide if you should make any changes to your tax withholding elections for your 2024 benefits.

Health Care

  • Health Premium: The 2024 health plan premiums will go into effect on January 1. Log in to your myCalPERS account to view your specific health plan details.
  • Medicare Part B Premium Reimbursement: If you are a state or California State University retiree enrolled in a CalPERS Medicare plan, and you pay above the standard Medicare Part B premium, you may be entitled to a reimbursement.

Retirement Checks

  • Direct Deposit Statements: You have a new option to get your retirement check details through our automated phone system by calling 1-888-CalPERS (1-888-225-7377), 24 hours a day, seven days a week. You can also view your benefit statement in myCalPERS. These statements will indicate the amount deposited in your account each month, along with any itemized reimbursements or deductions.
  • Important note: Your December 2023 direct deposit will post on January 2, 2024, which is the first business day of the month. View your 2024 pay days.
  • Cost-of-Living Adjustment (COLA): This benefit typically begins the second calendar year of retirement, although the annual rate of inflation and retirement law could affect the onset of your COLA. Retirees receive an annual COLA paid in the May 1 warrant of each year. More details will be available on our website in spring 2024.