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Important Tax Withholding Notices
COPERS' Retiree Benefit Payments
COPERS' retiree benefit payments for December 2018 will be processed on January 1, 2019. Transaction processing schedules are determined by each financial institution and will vary. For direct deposit transactions, please check with your financial institution for their processing schedule for transactions received on a non-business day.
Federal Tax Withholding Elections
The Internal Revenue Service (IRS) requires our notification to you, at least once each year, of your right to make Federal tax withholding elections or revoke such elections.
If you do not want any Federal income tax withheld from your monthly pension, or if you desire to revoke a prior election to not have Federal withholding apply, please complete the Federal Tax Withholding Form and mail it to the COPERS office.
We are required to inform that, even if you elect to not have Federal income tax withheld, you are liable for payment of Federal income tax on the taxable portion of your pension. You may also be subject to tax penalties under the estimated tax payment rules, if your payments of estimated tax and withholding, if any, are not adequate.
Arizona State Tax Withholding Elections
Arizona state tax withholding is no longer calculated as a percentage of federal tax withholding. Amounts withheld on or after July 1, 2010 will be a percentage of the taxable amount of your pension. If you would like to change your Arizona state tax withholding election, please complete the Arizona Tax Withholding Form and mail it to COPERS office.
This notice is only a reminder of your rights. If you are satisfied with your current monthly Federal tax withholding, no action on your part is necessary.