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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

July 2021June 16, 2021June 29, 2021July 1, 2021
August 2021July 16, 2021July 29, 2021August 2, 2021
September 2021               August 17, 2021August 30, 2021September 1, 2021
October 2021September 17, 2021September 29, 2021                         October 1, 2021                     
November 2021October 15, 2021October 28, 2021November 1, 2021                               
December 2021November 12, 2021                 November 29, 2021                       December 1, 2021
January 2022December 15, 2021December 29, 2021January 3, 2022
February 2022January 14, 2022January 28, 2022February 1, 2022
March 2022February 11, 2022February 25, 2022March 1, 2022
April 2022March 17, 2022March 30, 2022April 1, 2022
May 2022April 15, 2022April 28, 2022May 2, 2022
June 2022May 16, 2022May 27, 2022June 1, 2022
July 2022June 15, 2022June 29, 2022July 1, 2022
August 2022July 15, 2022July 29, 2022August 1, 2022
September 2022August 17, 2022August 30, 2022September 1, 2022
October 2022September 16, 2022September 29, 2022October 3, 2022
November 2022October 17, 2022October 28, 2022November 1, 2022
December 2022November 14, 2022November 29, 2022December 1, 2022

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. 

For any questions about address changes, please contact Member Services, 312.641.4464.

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.

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. 

Please note, the CTPF Form 420 (2021) is the current form and will be accepted until January 1, 2023.

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.

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