Pension Payments

Overview

Pension Payments

Pension payments may be made via direct deposit, or you may opt to have checks mailed to you.

Monthly Payment & Direct Deposit Calendar

Calendar
Month  

Last Day to Submit
an Address or Tax Withholding
Change
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

Address Changes

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. 

CTPF Form 107 Change of Address

Direct Deposit

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 Form 425: 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 Form W4-P Tax Withholding. 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 Form 107: 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 Form 903: Power of Attorney and the 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.