Pension payments may be made via direct deposit, or you may opt to have checks mailed to you.
Monthly Payment & Direct Deposit Calendar
|Last Day to Submit
an Address or Tax Withholding
|Check Mailing Date||
Direct Deposit Date
|December 2020||November 12, 2020||November 25, 2020||December 1, 2020|
|January 2021||December 16, 2020||December 30, 2020||January 4, 2021|
|February 2021||January 14, 2021||January 28, 2021||February 1, 2021|
|March 2021||February 11, 2021||February 25, 2021||March 1, 2021|
|April 2021||March 17, 2021||March 30, 2021||April 1, 2021|
|May 2021||April 16, 2021||April 29, 2021||May 3, 2021|
|June 2021||May 14, 2021||May 27, 2021||June 1, 2021|
|July 2021||June 16, 2021||June 29, 2021||July 1, 2021|
|August 2021||July 16, 2021||July 29, 2021||August 2, 2021|
|September 2021||August 17, 2021||August 30, 2021||September 1, 2021|
|October 2021||September 17, 2021||September 29, 2021||October 1, 2021|
|November 2021||October 15, 2021||October 28, 2021||November 1, 2021|
|December 2021||November 12, 2021||November 29, 2021||December 1, 2021|
If you need to make a change to your tax withholding or your address information, please be aware of the cut-off dates. Changes received after the date indicated above will be processed the following month.
Direct deposit ensures that your pension payment is deposited into your account on the first business day of the month, whereas a check mailed to your home will take several days to arrive and then clear, delaying access to your funds. Direct deposit avoids costly delays and the chance of a lost or stolen check.
We encourage you to take advantage of the speed, accuracy, and security of direct deposit; you can sign up by submitting the Direct Deposit Form.
For any questions about direct deposit, please contact Member Services, 312.641.4464.
Federal Tax Withholding
CTPF withholds federal income tax from pension payments according to Internal Revenue Service (IRS) regulations. The IRS requires that you complete Form W-4P: Withholding Certificate for Pension Payments, and maintain it on file with CTPF.
To withhold federal income tax, you must designate the number of withholding allowances and provide your marital status by completing the appropriate boxes. You cannot designate a specific dollar amount to be withheld. You may, however, choose to withhold an additional amount in addition to the IRS tax withholding tables. If you choose not to have federal tax withheld, check the appropriate box on the form.
If you do not have Form W-4P on file with CTPF, the IRS requires that we withhold at the married rate with three allowances. You can change the default withholding amount by completing CTPF Form 420. Changes received after the cut-off dates listed above will be made in the next payment.
Federal Tax Withholding Tables
CTPF uses the withholding tables found in section 5 of this IRS publication to determine your tax withholding. Refer to the monthly tables to determine the withholding amounts for your pension payment. The publication includes a calculation worksheet that can be used to determine tax withholding per payment.
CTPF does not provide tax or financial advice. Consult your tax or financial advisor if you are not sure how much federal tax to withhold from your pension payment.
Form 1099-R: Distributions from Pensions, Annuities, Retirement, Etc.
By law, the 1099-R forms will be postmarked no later than January 31 following the tax year being reported. A 1099-R will be issued for each benefit a member receives. Make sure that your address is up-to-date with CTPF in order to receive a 1099-R; submit a Change of Address Form if you need to update your address.
If you have a temporary address for the winter months and need CTPF to send your 1099-R to a different address, or need a reprinted 1099-R, please contact Member Services, 312.641.4464.
CTPF cannot provide a 1099-R to anyone other than the member or an authorized third party. If you are a Guardian of the Estate of a member and need a 1099-R for that member, please submit the Letters of Office for Guardianship, if CTPF does not already have such Letters on file. If you are an Agent for a Power of Attorney for the member and need a 1099-R, please submit a copy of the Power of Attorney and Affidavit of Attorney in Fact Form, if CTPF does not already have such documents.
Please be aware that if a third party is requesting a 1099-R on behalf of a member or a deceased member and CTPF does not have the necessary documentation on file, that it may take up to 30 days to review such documentation once it is received.
CTPF, upon request and confirmation of the appropriate status of the requester, will provide a copy of the deceased’s member’s 1099-R to:
- Spouse of the deceased
- Child(ren) of the deceased
- Parent(s) of the deceased
- Administrators and/or Executors of the Estate of the deceased upon receipt of valid Letters of Office of the Estate appointing the third party requester Administrator or Executor
- Trustees of the Decedent’s Trust upon receipt of a valid Trust and Affidavit of Trust
The third-party requester must provide a valid federal or state-issued identification prior to receiving a copy of the 1099-R.