Proposed Personnel Policy Amendment
Federal tax withholding could change your annuity payment in 2024.
In compliance with IRS regulations, State Street Retiree Services will complete the mailing of all 1099-Rs for 2023 by January 31, 2024. Please note that you may receive your 1099-R after this date due to processing time within the postal service.
The AFRF Benefits Department will be able to provide digital copies of 1099-Rs after February 1, 2024.
State Street Retiree Services will begin issuing corrected tax forms on February 2, 2024. Corrected 1099-Rs will have the “Corrected” box checked after State Street has reported the information to the IRS. The turnaround time for corrected 1099-R requests is approximately 2 business days.
Members who have moved out of state in 2023 will typically receive two 1099-Rs to capture income earned while in each state. Combining the totals reported on both forms will provide the annual amount needed for tax filing. If there is any issue with the time periods reported for the two states, please contact the AFRF Benefits Department to correct the state codes. The turnaround time for state code corrections is approximately 5-7 business days.
At the November 2023 Board meeting, AFRF's actuary determined that a COLA cannot be supported under the Fund’s COLA Policy, based on the Fund’s amortization period exceeding the 25-year maximum set forth in the policy for financial stability assessment. The Board is bound by its COLA Policy and its actuary’s recommendation and therefore was unable to grant a COLA for 2024. It was a difficult decision for the Board given the continued inflationary pressure on our retirees. Please see the actuary’s COLA Policy Analysis below and feel free to reach out to staff if you have any questions. Striving to provide COLAs, when affordable, remains one of the top priorities of the Board.