Are You a Member of a City Retiree Association or Group?
If your city has an association for city retirees that meets regularly, we’d like to hear from you. TMRS would be happy to send a representative to a future meeting to update you on TMRS topics. Please send contact information about your organization to email@example.com.
Important IRS Deadline Looming for Required Minimum Distributions
If you turned 70½ in 2017 and are no longer working for a TMRS city but have not yet retired or refunded your account from TMRS, then you need to apply to TMRS for retirement or a refund before March 31, 2018 to comply with the IRS rules for required minimum distributions, or RMDs, which impose a deadline of Sunday, April 1, 2018. Additionally, if you turned 70½ in 2017 and have any IRA accounts (such as a traditional IRA, SEP IRA, SIMPLE IRA, Rollover IRA, etc.), April 1 is also the deadline for beginning required RMDs from IRAs. This date only applies to those who hit the 70½ milestone last year. Anyone who already reached that age prior to 2017 should have received payment of their RMDs for 2017 by December 31, 2017. The RMD rules can be complex, and failure to comply can result in excise taxes or other consequences, so we encourage you to talk to your tax advisor. More information on distributions from IRAs is available in IRS Publication 590-B.
RetirementWise Spring Issue Now Available
The Spring 2018 issue of RetirementWise, TMRS’ magazine for retirees, has been mailed to you (if you haven't requested to receive it only electronically on MyTMRS) and is now available on our website. If you are a registered user of MyTMRS, you should have received an automatic notification via email of the new issue last week.
Announcements for Retirees Archive
What to Do if You Haven’t Received Your TMRS Tax Documents
The 1099-Rs and HELPS statements (if applicable) were posted to MyTMRS and mailed in January to all annuitants. If you need a copy, you can download and save the document from your MyTMRS account. Once you log in, click the Documents tab, and then select 2017 1099-R (or HLPS). If you need a copy faxed or mailed (not emailed), please call our office at 800-924-8677 so we can assist you.
2018 Retirement Account Statements
The 2018 Retirement Account Statements were mailed February 8. These statements show your retirement option, retirement date, beneficiary information, and monthly TMRS retirement benefit payment (including your withholding amount) in effect for 2018. Statements are also posted online – you may view your statement by logging on to MyTMRS.
Update on 2018 Tax Tables
The new tax tables for 2018 have been applied to retirement accounts. This means your first annuity payment, on January 31, 2018, will reflect the new withholding amount. To see how the new rate may affect your retirement payment or to update your withholding instructions, log in to your account on MyTMRS.
Tips on Managing Life Changes
The newest issue of RetirementWise will be mailed later this week. This issue focuses on post-retirement life changes, including returning to work, marriage, and death of a beneficiary. TMRS will mail the magazine to retirees who elected to receive a printed copy. If your mailing preference is electronic only, you will receive an e-mail notice that the issue is available on the website. To update or change your mailing preferences for the next issue, log in to your MyTMRS account and click My Profile -> Communication Preferences.
1099-Rs and HLPS Statements Available on MyTMRS
2017 1099-R tax documents and HLPS statements (for public safety officers) are now available for download using MyTMRS. To download, save, and print, log in to your MyTMRS account and choose the Documents tab. Copies of these documents will also be mailed January 22.
Notes about Security
Recent news coverage of the Spectre and Meltdown threats to the microprocessors that are in most computers and devices has alarmed many consumers. TMRS wishes to assure you that we are aware of the vulnerabilities and have taken every precaution to ensure that our systems are not affected. The security of our members' and retirees' information is our highest priority. Keeping the software on your personal computer or device up-to-date is the best way to protect yourself against threats like this one.
2018 Tax Information
With a new year and a new federal tax law, you may be wondering how the law will affect your monthly payments. The IRS has not released the new withholding table for 2018; therefore, TMRS will continue to use the 2017 tax table until we receive the 2018 table. We will notify annuitants when a change occurs or when we receive specific guidance from the IRS about this matter.
2018 Direct Deposit Calendar
A perennial favorite for retirees, the Direct Deposit calendar is available online and is also printed on page 3 of the latest issue of Retirementwise (sent to retirees in October). The calendar shows the date of all monthly direct deposits (the last calendar day of every month).
Be sure TMRS has your correct address by December 31!
In January 2018 TMRS will mail a 1099-R tax document to all annuitants. In mid-February TMRS will mail your Retirement Account Statement. The address change can be made using one of three methods: login to MyTMRS, call 800.924.8677, or download and mail an Address or Name Change Form (TMRS-CHNG). Once available, your 1099-R and annual statement can also be viewed or printed from MyTMRS.
New – Online Beneficiary Designation in MyTMRS
TMRS members who are registered users of MyTMRS® and whose beneficiary selection does not require spousal consent can now designate or update their beneficiaries online. Please log in to MyTMRS and click on the Beneficiaries button to verify your beneficiary selection. If you need to make any updates or changes, click the blue Update button, and MyTMRS will guide you through the steps. You’ll receive an immediate confirmation message, and you’ll also receive an email stating a change was made. The blue Update button will be available if you are eligible to make a change. If you’re not a MyTMRS user, there’s never been a better time to create an account.
Reassurance about Your Pension
TMRS would like to assure our members that the news stories about pension problems in certain Texas cities do not involve TMRS. Houston and Dallas have pension programs that are local and independent, not affiliated with TMRS. If you want more information about how TMRS works and how it is different from most other retirement programs, you may find this presentation helpful.