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 2023||November 14, 2023||November 29, 2023||December 1, 2023|
|January 2024||December 14, 2023||December 28, 2023||January 2, 2024|
|February 2024||January 17, 2024||January 30, 2024||February 1, 2024|
|March 2024||February 14, 2024||February 28, 2024||March 1, 2024|
|April 2024||March 15, 2024||March 28, 2024||April 1, 2024|
|May 2024||April 16, 2024||April 29, 2024||May 1, 2024|
|June 2024||May 16, 2024||May 30, 2024||June 3, 2024|
|July 2024||June 13, 2024||June 27, 2024||July 1, 2024|
|August 2024||July 17, 2024||July 30, 2024||August 1, 2024|
|September 2024||August 16, 2024||August 29, 2024||September 3, 2024|
|October 2024||September 16, 2024||September 27, 2024||October 1, 2024|
|November 2024||October 17, 2024||October 30, 2024||November 1, 2024|
|December 2024||November 13, 2024||November 26, 2023||December 2, 2024|
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.
For any questions about address changes, please contact Member Services, 312.641.4464.
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.
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 by contacting Member Services, 312.641.4464.
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.