Attention to pensioners currently receiving monthly retirement benefits under the MEBA Pension Trust - Defined Benefit Plan (“Plan”). The IRS recently changed the forms and options for federal tax withholding from pension benefits under the 2022 Form W-4P. The IRS requires the Plan to use the new forms for tax withholding elections starting January 1, 2023. We are asking you to provide an updated Form W-4P so that your choice of withholding can be applied. If you do not submit an updated Form W-4P by January 13, 2023, your federal tax withholding will be converted to the 2022 or later Forms W-4P for purposes of determining federal tax withholding. This could result in higher withholding from your pension check.
WHAT HAPPENS IF YOU DON'T SUBMIT THE NEW W-4P FORM
- If you have elected no withholding on a prior Form W-4P (before 2022) and you do not provide the updated Form W-4P, you will continue to have no withholding taxes withheld from your monthly benefit.
- If you have not made any election on a prior Form W-4P (before 2022) and you do not provide the updated Form W-4P, your withholding election will be treated as “married with three allowances” and converted under the IRS’ new formula.
- The 2022 Form W-4P does not permit flat withholding amounts. If you currently have a flat dollar amount of federal taxes withheld from your monthly benefit and you do not submit a 2022 Form W-4P by January 13, 2023, your withholding election will change under the IRS’s new formula. This can result in higher withholding from your pension benefit.
If you are receiving more than one pension benefit from the Plan, for example, a pension benefit and a survivor benefit, you will need to submit separate 2022 Form W-4Ps for each benefit.
ADDITIONAL INFORMATION
Please be advised that the Plan does not provide tax advice. Participants seeking assistance in completing 2022 or later Forms W-4P are encouraged to speak with a CPA or qualified tax advisor.
Important Reminder: The Member Services email has been deactivated. When sending emails to the Plan Office, please be sure to address your email to the appropriate department to alleviate a delay in responding to your questions. Contact Us
Providing medical, prescription drug, dental, life, accidental death and accidental dismemberment coverage for active and retired participants and eligible dependents
A defined benefit pension plan that offers financial security throughout your retirement years
Providing supplemental retirement security through a defined contribution plan to help you save for your future.
Providing supplemental retirement security through a defined contribution plan to help you save for your future through pre-tax and after-tax contributions
Providing marine engineers, deck officers and other MEBA members with state of the art training and experience
Providing benefits for your non-working days and wages for Port Relief employment
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