CTPF makes pension payments monthly. Pension payments may be made via direct deposit, or you may opt to have checks mailed to you.
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.
During the pandemic, U.S. Mail delivery has been delayed. 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 on the pension payment schedule will be made in the next payment.