IRS 1099 Tax Forms
Your pension payments are considered taxable income for federal purposes. As such, you may elect to have Federal Withholding deducted from your monthly pension payments.
Withholding is one way for you to pay a portion of your income tax. If no tax, or not enough tax, is withheld from your benefits, you may have to pay estimated taxes during the year or a tax penalty at the end of the year. Of course, whether you have to pay federal income tax on your pension payments depends on the total amount of your taxable income.
Automatic Federal Tax Withholding
Withholding is one way for you to pay a portion of your income tax. If no tax, or not enough tax, is withheld from your benefits, you may have to pay estimated taxes during the year or a tax penalty at the end of the year. Of course, whether you have to pay federal income tax on your pension payments depends on the total amount of your taxable income. Remember, for most people, Social Security benefits are not taxable.
If you would like to have Federal Withholding deducted from your pension payment or would like to change the amount withheld, you can obtain the form on this website or call the Fund Office for a form.
Electronic Funds Transfer Direct Deposit
EFT is recognized as the most secure and convenient means of receiving recurring monthly benefit payments. In fact, Social Security now requires all benefit recipients to receive their payments electronically.
Annual Certifications
It is important to keep the Fund Office immediately aware of any address changes.
Qualified Domestic Relations Order (QDRO)
The Fund does not write the QDRO. This must be done by you or your attorney. The QDRO must comply with the Plan’s procedures for administering a QDRO and must be entered by a court.
The Fund has specific procedures for administering a QDRO. To assist you or your attorney, the Fund has provided sample model language. You are encouraged to submit a draft order to the Fund for review prior to its entry in Court.
The model QDRO is for use under a Shared Payment Approach, Separate Interest Approach or for child support.
Please note that the Plan’s legal name and address are:
Local 705 International Brotherhood of Teamsters Pension Plan
1645 West Jackson Boulevard
Chicago, IL 60612
The Plan Administrator is Jack Witt.
You should be aware that when your draft Order is received by the Pension Fund, it will be reviewed and, when appropriate, recommended to the Board of Trustees for their approval.
Further note that the Fund will not release any information with respect to our Participant’s pension benefits without her/his written authorization, or unless required by subpoena.
For a Pension Application, please contact the Pension Department at 312-738-2811 to confirm your eligibility to commence payment of your pension benefit.